Ignorance is not bliss when it comes to paying taxes. Failure to understand tax rules and payment deadlines increases the likelihood of costly mistakes, negatively impacting a business’s bottom line. The Internal Revenue Service (IRS) estimates that corporations contribute nearly $32 billion to the annual tax gap. This is largely due to non-filing, underreporting, and underpayment.In an ever-evolving tax landscape, it is imperative that companies have an efficient tax compliance process in place. There are two aspects to compliance: determining how much is owed to each jurisdiction; then, completing the payments in accordance with jurisdictional requirements. Partnering with an efficient automated tax payment solution like Anybill can help businesses successfully fulfill tax obligations to maintain compliance and optimize business performance.
Anybill Meets Tax Compliance Demands
Outsourcing tax payments alleviates internal responsibility and pressure typically associated with compliance demands. Anybill manages payments and confronts problematic issues that can develop with its advanced technological infrastructure. It also plays a critical role in the tax compliance process due to its concise capabilities.
- Meets payment deadlines around all tax types: business license, operating, excise, property, sales and use, state income, and gross receipts
- Utilizes multiple payment methods: EFT or paper checks
- Maintains up-to-date jurisdiction data: tax payment addresses, deadlines, and procedures
- Provides critical insight: each payment is precisely tracked from initiation to completion
In the current tax environment, it is unlikely that businesses can evade improper fulfillment. The IRS allocates nearly 40 percent of its annual budget to enforcement, signifying that it is a top priority. In 2020 alone, the federal agency collected nearly $5 billion in collections and penalties resulting from corporate failure to comply with the tax code.However, federal taxes are just one piece of the tax payment and compliance puzzle. There are over 17,000 tax jurisdictions with their own rules and regulations. These are constantly changing due to newly enacted or updated legislation and requirements. Depending on your business, you may be liable for tax payments in multiple states. This may include sales tax, which triggers ‘nexus’, adding another layer of complexity. With the astronomical amount of information you may need to know, it can be difficult to stay in compliance without assistance from an experienced accounting firm or certified public accountant and an automated tax payment provider.
Complete Tax Payments with Anybill
Tax compliance can be costly and time-consuming without automated intelligence to navigate tax payment responsibilities. If corporate tax responsibilities are not met, a company faces late penalties or fines. In a worst-case scenario, it risks having its Good Standing certificate revoked, which disqualifies it from applying for licenses, conducting business across state lines, or acquiring loans. As corporate taxes become increasingly complex and tax authorities become more sophisticated, many businesses are realizing the value of employing outside assistance to facilitate tax returns and administer payments. Anybill provides clarity in both cases. By partnering with Anybill, you will set your business up for long-term financial success and stay off jurisdictional and IRS enforcement radars.From companies to leading accounting firms, Anybill meets tax compliance obligations by making on-time payments. Request a demo and learn how our adaptable technology can meet your needs.