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Sales and Use Tax in AP
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Sales tax has been around since the 1930s and today most states have adopted some form of sales and use tax regulations. It's important for accounts payable to understand the sales and use tax rules in each state. Payments made for certain items or services may be exempt in one state, while another may not require sales tax leaving the buyer to pay use tax to its resident state instead.
This issue will help you navigate through the confusing world of sales and use tax by providing the information your organization needs to remain compliant with the numerous state tax codes and regulations.
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| Ashley Jones – Editor
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Sales and Use Tax Compliance |
Each state that collects sales and use tax has its own tax codes governing how sales and use tax is defined, classified, what the rates are, and what items or services are exempt. With 45 states, 33 of which also permit local sales tax, and the District of Columbia levying sales and use tax, remaining compliant can be a challenge for accounts payable.
However, if you make purchases in, have nexus in, or make sales to customers in other states, you must handle sales and use tax correctly or risk costly penalties. It is important to be able to:
- Identify transactions that are subject to either sales or use tax
- Determine the basis or measure of sales tax
- Clearly understand nexus and know how to determine when it applies
Check out The Accounts Payable Network's education CD, Sales and Use Tax Compliance in Accounts Payable, featuring Denise Johnson, Esq., Attorney-Advisor, Balance Consulting LLC, and learn what you need to know to remain in compliance with more than 7,500 state and local government sales and use tax regulations. Earns 1 CEU.
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The Streamlined Sales Tax Project Board Make Upgrades
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The SSTP governing board makes progress by introducing electronic sales and use tax returns for member states. Read the story here.
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TAPN Virtual Conference
The Ultimate Vendor Workshop
December 9-10, 2008 |
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Getting your vendor master file clean and compliant - and keeping it that way - are critical to safeguarding your company's cash. The process isn't easy, but a swollen, inaccurate vendor file can be a ticking time bomb! Don't take that risk. Discover the best practices and get a wealth of valuable tools for successful vendor master file management in this powerful, two-part virtual conference. Earns 4 CEUs. Register Now!!
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Just for Fun! |
Have you ever wondered who invented bullet-proof vests, fire escapes, and windshield wipers? Of course. What about how much it cost to raise a dog to the age of eleven? Maybe. How about if it's possible to lick your own elbow? Uh, not so much.
For you inquisitive seekers of eccentric knowledge and truths, check out 25 Crazy Facts about Everything and find the answers to these questions and many more that you don't necessarily need to know!
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