FMTFMT

sales tax Archives - FMT

Search Archive
2017 Mid-Year Sales Tax Changes
Repost from Avalara   Dealing with change is standard operating procedure for many companies: employees leave and are hired; new products are introduced and old ones phased out; there are booms, and there are busts. On top of all that, companies need to account for sales and use tax changes. Significant changes in rates, regulations, and product taxability often take effect July 1, which is the start of a new fiscal year in all but a few states.   At the end of 2016, we shared many of the sales tax changes set to occur January 1, 2017. These included state sales tax rate changes in California and New Jersey, the expansion of sales tax to certain services in North Carolina, the prohibition of taxing more services in Missouri, and a bevy of recently enacted soda taxes and tampon tax exemptions. At mid-year, we’re seeing a few propositions that signify […]
Happy Fiscal New Year! Sales Tax Changes Are Here Again!
Managing sales tax compliance is no easy feat. The tax rates you need to apply can change radically from one state to the next, and even from jurisdiction to jurisdiction. Your products or services may even be taxable for one customer and not for another customer in a different state. Then, you’ve got sales tax holidays, which mean you also have to consider when you’re selling in certain states. As if that’s not complex enough, why not shake things up every now and then as states decide which rates and rules to change? For 46 states, the fiscal new year comes on July 1st each year. That’s also a time when many of them make changes to their sales tax laws. In 2016 – per usual – a long list of new changes has been put in place. For most businesses, it can be hard to find time to research […]
The State of State Sales Tax in 2016
Repost from Avalara The year 2016 has been unpredictable so far. That’s true for politics and it’s true for sales tax. With numerous states desperate for more revenue, sales tax is being broadened, rates are increasing, and exemptions temporarily suspended. Never easy, sales tax compliance is now exceptionally challenging, particularly for businesses selling in multiple states. From coast to coast, state legislators are deliberating difficult issues. What more can be done to collect on untaxed remote sales? Should they increase the state rate? Should sales tax be expanded to traditionally excepted services? Should they eliminate exemptions to generate more revenue, or expand them to stimulate business growth? Each state’s solution will be unique, and each will affect your business in different ways. Internet Tax There’s been a lot of hype around online sales tax this year. With federal lawmakers at an impasse, states are launching a frontal assault on Quill, […]
Video: Sales Tax in Microsoft Dynamics GP: Why Rate Tables are Risky
Never update tax rate tables again! Updating tax rate tables is an endless uphill battle that rarely results in 100% accuracy. And if your tax tables aren’t 100% accurate with current tax rates in every jurisdiction you owe in, you could be looking at serious fines in an audit. This video provides tips and tricks for how you can: eliminate errors reduce audit risks avoid having to update your tax tables again   For more information about sales tax solutions for Microsoft Dynamics GP, please contact FMT Consultants.
Are You Making Sales Tax Mistakes?
For many companies, when the topic of sales tax comes up, the first response from most of the staff will be, “What’s the big deal? I just need a rate.” But when you ask a Controller or Finance professional, their first response is usually, “They don’t understand. It’s so much more than a rate.” Sales tax is more complex than ever and the rules of the game are constantly changing, making it increasingly difficult to maintain accuracy. Even the most seasoned tax professionals would have to be super human to be 100% on top of current rates, rules, jurisdictions, exemptions, and holidays. Here’s why different responses in the same company are a problem: Over 70% of the time, the tax and accounting departments aren’t even responsible for managing tax compliance (charging sales tax, collecting exemption certificates, etc…). For many companies, it’s the credit department who carries that burden. This disconnect […]
©
2021
 FMT Consultants, LLC.
|
Privacy Policy
X
FMT

Contact Us

X
FMT

Newsletter Sign-up

menu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram