Audit exposure. Financial restatements. Class action lawsuits.
The consequences companies face for failing to successfully navigate the daunting complexity associated with communication services taxation can be severe. Managing these intricacies has grown more challenging as the world continues the rapid transformation to become more mobile. Existing and new market participants must be able to adapt to these changes and be capable of addressing new challenges such as the Internet of Things (IoT) and more.
A new, formal collaboration between Vertex and Global Strategic Accountants, LLC (GSA), a recognized regulatory and compliance authority in the telecommunications industry, equips the expanding universe of communications service providers with the tools and expertise they need to address communications tax complexity and apply appropriate tax rules.
Vertex technology delivers precise tax jurisdiction assignment and accurate calculation of taxes and regulatory surcharges and fees. GSA delivers tax and regulatory return compliance as well as tax and regulatory consulting services. This blend of tax software and compliance outsourcing helps companies steer clear of audit penalties and other punishments while managing differences in taxation across numerous jurisdictions.
“The communications services market has evolved dramatically to an environment where communications services might be a small piece of what an organization offers,” notes Matt LaHood, CEO of GSA. “At the same time, taxation is just beginning to catch up to industry changes, creating a challenging scenario for businesses. Today, companies that deal with communications services need both tools and guidance to stay compliant.”
The collaboration between Vertex and GSA helps organizations achieve and optimize tax return compliance while enabling them to intensify their focus on core business operations.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.