If you are a retailer, then you probably have been paying attention to a bill that the Senate is close to passing which would require businesses that sell online or through catalogs to collect sales tax. Currently, online and catalog retailers are only required to collect sales tax if they have nexus or physical presence in the states [...]
continue reading...Posts Tagged ‘sales tax rates’
Don’t Mess with Nexus in…Florida? Or California, New York, or Texas!
If your business is expanding, good for you! You’re acquiring new customers, maybe even crossing state lines and venturing into new markets. But before you collect a dime, be sure to educate yourself on the sales tax requirements of any new states you do business in. Nexus (aka the requirement to collect/remit sales tax) laws [...]
continue reading...The Five-Digit Code That Could Cost You
Here are some fun facts about ZIP (Zone Improvement Plan) codes: The easiest ZIP code to remember is 12345, a unique ZIP Code for General Electric in Schenectady, NY. Due to thousands of letters addressed to Smokey Bear, the US Postal Service gave him his own unique ZIP code (20252). Bristol, TN and Bristol, VA [...]
continue reading...Close is NOT Good Enough When It Comes to Sales Tax Compliance!
Close only counts in horseshoes, not in sales tax. Close in sales tax means either you aren’t collecting enough from your customer and are remitting too little to the taxing authorities, or you are overcharging your customer and face customer service issues. Either way, close is not good enough. Underpaying sales tax can prove to be costly. [...]
continue reading...The Dark Side of Sales Tax Compliance: 12 Sales Tax Tips for 2013
2012 was a turbulent year in the world of sales tax, and 2013 promises to be just as wild. With multiple online sales tax bills currently before Congress, and states passing their own so-called “Amazon laws”, it can be tough to keep up with it all. Couple that with the fact that states are expected [...]
continue reading...Sales Tax Jurisdictions and the Way They Divide Us
Manual sales tax management processes are risky for a business because there are 100,000+ taxability rules that can be applied across 11,000+ taxing jurisdictions in the US alone. There are also thousands of rule, rate, and jurisdiction changes annually, and staying on top of all the changes can be time consuing for your business. Especially, if you are doing business in [...]
continue reading...Nexus: Where Ignorance May Not be Bliss
The definition of nexus, as it relates to taxes, is a substantial physical presence between a business and a state. This presence is the trigger which determines that state is owed various taxes for helping that business establish a market. As it relates to sales tax it is at this point, when a substantial physical [...]
continue reading...10 Sales Tax Tips for Your Business
With thousands of rate, rule, and boundary changes every year and an epic legal debate over e-commerce taxation, sales tax has never been more complicated. Yet at the same time, cash-strapped states are hiring more auditors and looking to make sure they collect every penny due to them. Those two factors combined make you more [...]
continue reading...Everything is Taxable until Proven Otherwise
All it takes is just one missing, expired, or incorrect sales tax exemption certificate for your business to be at risk of losing thousands of dollars in an audit. While you might think this is a slight exaggeration, it has become a hard reality for many businesses. The truth is that your non-taxable sales are [...]
continue reading...Addressing Key Sales Tax Challenges within Microsoft Dynamics
Are you manually updating the tax tables in Microsoft Dynamics using a ZIP code based system? If so, finding the correct sales tax rates and keeping them updated can be a time consuming task that is also prone to errors. Were you aware that using a ZIP code to calculate sales tax rates is only [...]
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