LumaTax Blog Contingent Liabilities and Wayfair: The Impact on SUT and Audit Teams

Many businesses are still not compliant with sales and use tax (SUT) nexus obligations created by the 2018 South Dakota v. Wayfair decision. What does that mean to your firm? Your client's non-compliance may put your audit team in a tricky situation when performing routine audits. This post will explain everything you need to know about contingent liabilities and how they relate to SUT compliance, financial reporting, and your audit team's legal accountability.