Avalara's 2024 Tax and Technology Predictions: Automation and Artificial Intelligence Will Augment the Tax Compliance Landscape
Wednesday, January 17, 2024
SEATTLE, Wash., Jan. 9, 2024 /PRNewswire/ -- Avalara, Inc., a leading provider of cloud-based tax compliance automation for businesses of all sizes, today released its top tax and technology predictions for 2024. Avalara experts' predictions explore how the intersection of automation and artificial intelligence (AI) will continue to impact tax compliance, how economic and market factors will affect growth across global business segments, and more.
Avalara's experts come from a variety of industries and backgrounds, including but not limited to accounting, engineering, government, manufacturing, retail, tax, and technology. Here's what the company's technology and tax experts expect in 2024:
In 2024, AI will provide more assistance in compliance.
-- Vsu Subramanian, Avalara SVP of Content Engineering, says,
"Conversational AI interactions with data and knowledge will become even
more commonplace in 2024. We will see the continued emergence of AI
assistants in practice across the compliance space that analyze data,
look for deductions, perform anomaly audits, and assist tax research and
filing."
In 2024, AI's impact on the accounting industry will be profound.
-- Sona Akmakjian, Avalara Senior Director of Global Accounting Strategic
Partnerships, says, "As digital transformation initiatives unlock vast
amounts of data, accountants are expected to increasingly harness the
power of AI and data analytics. This shift will not only drive more
informed decision-making but also significantly enhance the efficiency
of accounting processes. Due to prevailing economic conditions, in 2024,
the accounting industry will increasingly embrace AI-infused technology
and data analytics, while also exploring cost-effective measures like
outsourcing and offshoring."
2024 will be the year of audits.
-- Scott Peterson, Avalara VP of U.S. Tax Policy and Government Relations,
says, "As state budgets aren't experiencing the same windfalls as in the
immediate impacts of the pandemic, legislatures will encourage an
increase in audits to make up for any lost revenue. Businesses and
consumers should all prepare for an uptick in audits in 2024."
Tax compliance and business processes will converge together into a single process with e-invoicing.
-- Alex Baulf, Avalara VP of E-Invoicing, says, "While the trend remains
that tax authorities are giving more time for businesses to get
prepared, we'll continue to see e-invoicing spread globally. As it does,
the electronic invoicing document businesses share with the government
will be the same that they share with their customers, resulting in one
simplified business process."
Social commerce will emerge as an even bigger piece of retail.
-- George Trantas, Avalara Senior Director of Global Marketplaces, says,
"In 2024, we'll see marketplaces continue to shift how they think about
getting products in front of consumers. Some retailers won't even need
to run ads because they can sell directly to consumers through social
media."
Look for further reform to existing IRS Form 1099 rules.
-- Kael Kelly, Avalara GM of Exemption Certificates, Tax Research, and
1099, says, "In 2023, the IRS backed off dropping the 1099-K filing
requirements for marketplace sellers and shared economy workers from the
original $600 floor the American Rescue Plan Act of 2021 called for
(down from $20,000) to $5,000. In 2024, expect an announcement that this
floor will drop further, likely to the $600 level, as originally
intended, as early as the 2025 filing season."
To read more 2024 predictions from Avalara, please visit our blog.
About Avalara
Avalara makes tax compliance faster, easier, more accurate, and more reliable for 30,000+ business and government customers in over 75 countries. Tax compliance automation software solutions from Avalara leverage 1,200+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit avalara.com to improve your compliance journey.
View original content to download multimedia:https://www.prnewswire.com/news-releases/avalaras-2024-tax-and-technology-predictions-automation-and-artificial-intelligence-will-augment-the-tax-compliance-landscape-302029085.html
SOURCE Avalara, Inc.
|
|
|
|
|
 |
ISSAQUAH FINANCIAL PROVIDES NOTICE OF POTENTIAL DATA EVENT | Mar 28, 2025
|
|
Xojo 2025r1 Launches with Linux ARM Support, Web Drag and Drop and Direct App Store Submission | Mar 28, 2025
|
|
Foregoing Banking-as-a-Service: Case study concludes Current's core banking technology provides a key edge in the market | Mar 28, 2025
|
|
OrthoMinds, LLC Provides Notice of a Data Security Event | Mar 28, 2025
|
|
O'Shaughnessy Ventures Launches Infinite Books, Names Bestselling Author Jimmy Soni as CEO and Editor in Chief | Mar 28, 2025
|
|
Earnest Analytics launches AI-powered data summaries in its online platform, Dash | Mar 28, 2025
|
|
Disrupting Digital Identity: Sentry's Biometric Solution to Stop Fraud | Mar 28, 2025
|
|
Casio America Announces Strategic Transformation to Drive Innovation and Growth | Mar 28, 2025
|
|
Weekly Recap: 10 Finance Press Releases You Need to See | Mar 28, 2025
|
|
Canon Announces V1 Digital Camera, Reboots Compact Lineup with Video Centric PowerShot V1 Camera, YouTube First Look Video and More Info at B&H | Mar 28, 2025
|
|
|
