Sales tax automation provides numerous advantages, simplifying the complex process of calculating sales and use taxes. By leveraging advanced tax technology, such as Avalara, businesses can streamline tax compliance and rely on accurate tax calculations that can withstand the scrutiny of an audit.

Additionally, automation simplifies tax management across multiple platforms, channels, and enterprise resource planning (ERP), allowing businesses to scale without worrying about sales tax. With real-time updates and precise tax calculations, businesses can focus on strategic activities, confident that their sales tax compliance is accurate and efficient.

On this episode of Cherry Bekaert’s Tax Services Podcast, Sales & Use Tax Leader Lauren Stinson and Sales & Use Tax Senior Manager Tiffany Rodi are joined by Avalara’s Global Head of Strategic Accounting Partnerships Sona Akmakjian. Together, they explore the transformative impact of technology on sales tax compliance and discuss insights on automated tax solutions. Discover the strategic partnership between Cherry Bekaert and Avalara, which merges technology with professional guidance to optimize tax processes for businesses.

Related Insights

• Case Study: From Overlooked Liability to Optimized SaaS Sales Tax Compliance in Avalara
• Article: The Vital Role of Accurate Product Tax Codes
• Article: Why Your Business Needs a Sales Tax Software Tune-Up
• Article: Vermont Sales Tax Laws: Pre-Written Software Sellers With Nexus Must Collect and Report Sales Tax
• Article: How Sales Tax Complications Are Stalling Tech Acquisitions

In the most recent episode of Cherry Bekaert’s Tax Services podcast, we focus on the Virginia pass-through entity tax (PTET) election. Join Cathie Shaw, partner at Cherry Bekaert, and Tony Konkol, State and Local Tax Manager, as they navigate the intricacies of this important topic.

The Virginia PTET election is a crucial consideration for businesses operating in the state. Throughout the podcast, our knowledgeable speakers address common questions and concerns and provide clarity on key issues, such as cash flow implications, refundability and the interplay with federal tax regulations.

Cathie and Tony explore the benefits of making the election, including potential tax deductions and credits, as well as the practicalities of filing and deadlines. They also cover the retroactive nature of the election and tips on navigating the complexities of state tax law.

Whether you're a business owner, tax professional, or simply interested in the intricacies of state tax law, this episode offers valuable insights to help you navigate the complexities of the Virginia pass-through entity tax election.

Related Thought Leadership

• Article: Top 10 States for Credits and Incentives Opportunities
• Article: How To Determine if Your Company Is Eligible for State Credits and Incentives
• Podcast: How To Take Advantage of Pass-Through Entity Tax in North Carolina
• Podcast: How Does the Georgia Pass-Through Entity Tax Election Work?

Following other jurisdictions that created a workaround from new requirements in the Tax Cuts and Jobs Act of 2017, North Carolina first enacted their pass-through entity tax (PTET) election through North Carolina Bill 105. These elections became available to businesses on January 1, 2022. Businesses operating as partnerships or S Corporations and filing a Federal Form 1065 or 1120-S, are potentially eligible to take advantage of the North Carolina PTET election.

Cathie Stanton, State & Local Tax Leader, and Tony Konkol, State & Local Manager, are back on Cherry Bekaert’s Tax Podcast to discuss North Carolina’s PTET elections. Together, they unpack how businesses can capitalize on this benefit, utilize this election, tackle its intricacies and comply with each jurisdiction’s varying requirements when filing.

Related Resources:

• State Pass-Through Entity Tax Elections – Don’t Leave Cash on the Table!
• North Carolina Department of Revenue Issues Guidance & Updated FAQs on the State’s Pass-Through Entity Tax
• Pass-Through Entity Tax Update
• Pass-Through Entity Tax Services