Accounting firms are increasingly being asked for advice on indirect taxes, according to Sona Akmakjian, global head of strategic accounting partnerships.
“Market dynamics are dictating this for us. We are in the COVID world we are in the post-Wayfair world,” she says. Wayfair refers to the cases in which the Supreme Court made it possible for states to impose taxes on sellers outside of their boundaries.
In the past, firms that assisted clients were placed in a position that most accountants do not like. “It’s been a low-margin, high-risk service,” Akmakjian said.
Avalara sees outsourced sales tax preparation taking a familiar form with firms. “I think sales tax compliance is going to be no different than payroll,” Akmakjian said.
Firms will be able to make money on the services, with volume discounts available via a tiered system.