Sellers of consumer goods frequently assume they have very few, if any, sales or use tax obligations. The truth is, they often do.
This is particularly true of businesses selling a wide-range of products and services to customers in multiple states, those with a large number of tax-exempt transactions, or those unaccustomed to worrying about tax obligations in general. For retailers, distributors, wholesalers, manufacturers and the like, an effective sales tax management process will protect against audit fines and penalties.
Understanding and taking action to mitigate risk in the following four areas is critical in 2014:
1. Product and service taxability
2. Requirements for remote and out-of-state sellers
3. Exemption certificate management
4. Use tax responsibilities
Download this white paper and learn how to avoid costly audit fines and penalties.