According to a new survey as reported by Accounting Today, midsized businesses spend 163 hours per month on sales tax compliance, typically costing more than $17,000.
Questions:
- Which industry had the highest total estimated costs per month?
- What percentage greater in the amount of time was spent by the retail industry as compared to the manufacturing industry? How would you rationally explain this difference to another student?
- What type of companies had the highest sales tax audit rate and what percentage was it?
Source:
Cohn, M. (2021). Businesses spend heavily on sales tax compliance Accounting Today, Oct. 21 (Retrievable online at https://www.accountingtoday.com/news/businesses-spend-heavily-on-sales-tax-compliance)