CPA.com and corporate tax software and services provider Vertex SMB have launched a tool to help accounting firms advise clients on which products are subject to sales and use tax.
To set up the product taxability tool, practitioners review their clients’ products and select specific taxability codes for each item within the Vertex SMB solution. The firm can then run monthly reports to flag any new or changed regulations to keep the company compliant and up-to-date on tax remittances.
“If a CPA has a client with sales in 20 states, researching the applicable tax laws and how they apply product by product can be time-consuming and costly,” said Michael Cerami, CPA.com’s vice president of business development and corporate alliances, in a statement. “We’ve automated this function as part of the Firm Advisory Program we’re offering through CPA.com and Vertex SMB. The offering is a key piece of a comprehensive solution that allows firms to track client activity through dashboards and reports, and to keep on track with regulatory updates and thought leadership.”
“We tracked more than 600 new or significant changes in sales and use tax regulations last year, so the ability for CPAs to provide timely updates on compliance-related matters is extremely valuable,” said Chris Livingston, director of product and operations at Vertex SMB, in a statement. “We think it is an essential tool for practitioners looking to build advisory services in this space.”
CPA.com and Vertex SMB are offering a free webinar about sales and use tax compliance and product taxability, “Automated Sales and Use Taxability Reports for the Win,” at 2 p.m. EST on Nov. 30. To register, visit the event page here.
