How Do We Better Manage Our Exemptions And Documentation For Purchasers And Sellers?
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Tax Professional Answers
Brian Weaver, CPA, MBA
Resale/exemption documentation is the Number 1 issue on almost every audit. More states are putting expiration dates on these documents which requires more frequent review and updating of the files. However, we all know that these types of activities are very far down on everyone’s to-do list, if they ever get attended to at all. This activity requires coordination across several different process areas including tax, master data, and customer set up. Therefore, your organization needs processes in place to collect, enter, and catalog exemption information and documentation including images of exemption documentation. Yes, there is recurring work in this area, but being proactive now can save a lot of time and frustration later.Leave a Comment 153 weeks ago