The hallmarks of successful business growth are scaling to meet market demands, entering new markets, and differentiating product and service offerings from the competition. Yet, the very activities that lead a growing business to gain a foothold in the marketplace may create surprising tax compliance risks.
Transactional tax compliance involves everything from sales tax rate rule and boundary accuracy to use tax reporting to exemption certificate management. Unless your business has hundreds of thousands of dollars to spend on audit fines, fees and penalties, protecting yourself against unnecessary transactional tax risks is simply good business. Here are five ways your success can be your downfall when it comes to tax compliance:
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