The 12 Days of Sales Tax Compliance
Not five golden rings, but five billion dollars—that’s what’s at stake for retailers during the holidays. More of those dollars are increasingly earned online. Shoppers made at least 50% of their holiday purchases online in 2013.
Ecommerce is one of the fastest growing sectors of the retail economy. It offers consumers everything from hand-made birdhouses to mountain-climbing adventures to last-minute deals on luxury cruises. According to Internet Retailer, global ecommerce is expected to top $1.5 trillion in 2013.
Dollars are there for the taking, but with greater opportunity comes greater risk of sales tax audits—and associated fines, penalties and fees. Even if holiday shopping blitzes blow out your revenue expectations, what good is it if you find yourself on the wrong side of an expensive, time consuming audit?
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