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.
- 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?
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)