Multi-State Sales Tax Rules: Compliance Differences Explained

Описание: Hi, everyone!

This week’s tax tip is about understanding the correct tax treatment in the jurisdiction where you conduct business. While most business owners know the importance of understanding their sales and use tax responsibilities when they first start their business, they sometimes don’t focus on it when they start making sales into different jurisdictions.

While it is easy to assume that the tax rules and laws are the same across the board, nothing could be further from the truth. Taxability treatment can vary wildly from jurisdiction to jurisdiction. It is important that you investigate what are the applicable thresholds (number of sales, revenue amount, etc.) that trigger a requirement to register to collect sales and/or use tax (i.e., nexus thresholds), how to report sales and use tax to the taxing jurisdiction, the taxability treatment of the items you are selling or the service you are providing, how to substantiate tax exempt sales, your use tax responsibilities, etc. BEFORE you make (significant) sales into a jurisdiction.

For more information about nexus, take out quiz.

And that is your weekly tax tip.

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