Sales and use tax revenues impact both states and businesses —one as a major source of funding, the other as a compliance challenge. Consider this —new state revenue data from the U.S. Census Bureau reveals that sales tax is the single largest source of tax revenue (39% of total) for states still reeling from the Great Recession.
Sales tax is a revenue engine for states; for businesses, it is a legal requirement. Businesses need to collect and remit tax correctly and efficiently so they avoid spending more than they have to on state-imposed penalties and extraneous resources spent on a zero-profit activity. This includes staying current with the latest state and federal tax laws including the medical device excise tax, state tax on fuel, and new sales tax exemptions.
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