© 2020 RSM US LLP. All rights reserved.
Indirect tax consulting and compliance
Taxing transactions: Sales, purchases, intercompany and cross-border movements
At its core, there are three elements to indirect tax: the transaction, the tax liability of the transaction and the associated compliance obligation. At first glance, indirect tax is a relatively simple concept—but getting your associated compliance right is far from simple. There are more than 170 countries around the world operating a VAT system, but the U.S. operates a sales and use tax system with myriad rules, regulations, taxing jurisdictions and compliance obligations. In addition, the cross-border movement of goods introduces the possibility of customs duty and excise taxes as well as VAT.
Most tax authorities are unsympathetic to the mistakes businesses make managing their indirect taxes, and will consequently apply significant penalties.
RSM offers a full suite of consulting, compliance and automation services covering indirect taxes both domestically and globally from a highly trained and experienced U.S.-based team. We help companies avoid common mistakes by guiding them on the right path to managing each transaction. RSM professionals will work with you to establish processes and systems that mitigate risk, improve efficiency and meet your compliance obligations.
The COVID-19 pandemic has increased the risk of noncompliance in an evolving sales and use tax compliance landscape.
The COVID economy and virtual transformation may provide the right opportunity to take control of supply chain management.
Four states have adopted or are considering budgets without significant tax increases even considering pandemic shortfalls.
Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
Looming budget shortfalls coupled with tax-related ballot measures in many states could significantly affect 2021.
Annual license renewals will be required for certain taxes, including the sales tax, sellers use tax and the simplified sellers use tax.
Key actions companies doing business in the United Kingdom should consider as the UK’s transitional period with the EU comes to an end.
Organizations that translate lessons learned from COVID-19 into future ready standards can create value that will last beyond this crisis.