Sales & Use Tax

With all of the talk about the history-making Wayfair Inc. case and its impact on sales and use tax, accounts payable professionals are asking "How does this affect AP operations and what do we need to do going forward?" IOFM talked to tax expert, Diane Yetter, President of the Sales Tax Institute and frequent IOFM presenter, to learn more about this case and determine what actions need to be taken and when. 

Background

On June 21, 2018,… Read More

With all of the talk about the history-making Wayfair Inc. case and its impact on sales and use tax, accounts payable professionals are asking "How does this affect AP operations and what do we need to do going forward?" IOFM talked to tax expert, Diane Yetter, President of the Sales Tax Institute and frequent IOFM presenter, to learn more about this case and determine what actions need to be taken and when. 

Background

On June 21, 2018,… Read More

June 26, 2018

The June 21 Supreme Court decision on the South Dakota vs. Wayfair case will significantly impact not just internet retailers, but every business, including organizations like yours that purchase from… Read More

Accounts payable is typically responsible for making taxability decisions. However, whether due to lack of expertise or lack of time, many departments routinely overpay sales tax on invoices. Many exemptions to go untaken, reports David Olivier, founder and managing principal of sales and use tax consulting firm Olivier & Associates. 

Tax departments typically create a taxability matrix for AP to follow that indicates which goods and… Read More

By Diane Yetter

Compliance with sales and use tax rules is never easy. AP managers and their staffs are often tasked with making complex tax decisions without the knowledge required to make these decisions. Certain business processes that are supported by AP leaders like P-cards, ERS, and EDI File uploads add complexity and risk to the equation. With each of these items, the goal is the elimination of manual entry and paper documentation.… Read More

If a business sells taxable goods online—also known as marketplace or FBA-style selling (fulfilled by Amazon)—24 states are now participating in a program that may forgive back sales taxes, interest and penalties if sellers haven’t collected and remitted tax in states where they should have. The program runs from August 16 through November 1 (an extension from the original deadline of October 17), so there’s not much time to… Read More

Sales tax has been around for a long time, dating back to ancient civilizations, but sales tax in the U.S. as we’re familiar with it, came into being sometime in the 1920s. Over the next few decades, most states jumped on the sales tax bandwagon, recognizing the tax as a good source of revenue… Read More

Taken together, sales tax and use tax comprise 47 percent of states’ revenue, according to Avalara, but few people understand use tax and therefore do not pay it, which has resulted in a deficit of billions of dollars in uncollected revenue by the states. Unlike sales tax, which is commonly understood and handled at… Read More

Sales tax was once a fairly straightforward matter, but no longer. Each state may have several hundred sales tax jurisdictions—the leaders in this category are Texas and Missouri, both with well over 1,000—so that the total number in the U.S. is now around 10,000. Now add into that mix the complexities of sourcing (origin… Read More

With between 7,500 and 14,000 different tax authorities in the United States, it can be next to impossible for organizations to stay on top of every tax rule with which they must comply. To make matters even more challenging, more legislation is being passed all the time. “One strategy for staying in compliance is… Read More

Updated July 2016 Sales and use taxes are typically levied on tangible personal property. However many states exempt some tangible property from sales tax, while taxing some intangible property. The following table presents in general what is and is not subject to sales tax, state by state. Because tangible property exemptions and taxable services… Read More

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