Tax compliance can be overwhelming for many corporate tax departments. The reason? Businesses are directly liable to pay sales and use tax, property tax, income/franchise tax, employment tax, fuels and excise tax, and other taxes to federal, state, and local governments. And the tax policies for each of these taxes differ. In addition, businesses have to collect and remit some of these taxes on the behalf of others. The solutions? (1) Leveraging technology to streamline the process, reduce cost, and re-direct focus on activities that create value. (2) Partnering with a tax firm to develop strategies to minimize tax cost and manage the compliance process.
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