What are some of the current changes effecting sales tax?
This year, legislatures changed tax rates in major areas of the economy. At this point, gasoline, sales taxes and property taxes have all been affected. But, one of the largest changes, a tax on Internet sales, is currently stalled in the house.
The National Governors Association reported states expect to collect $23 billion from an online sales tax. With the potential for added income, some states are taking matters into their own hands and have made changes to their sales tax laws for goods sold online. To learn more about which states are making changes, read this article from USA Today.
How does Multipub handle sales tax on products?
Multipub allows users to show all products and subscribers as taxable or tax-exempt. This classification can be made by product, location, where sold (sales portal) or how an item is distributed (distribution format).
Can Multipub keep up with the impending changes in sales tax?
Users can subscribe to a sales tax rate service that is issued monthly to ensure their organization stays current. The service also provides combined rates for state, county and city taxes. Multipub provides reports that detail the amount due to each jurisdiction.
How does Multipub assign FIPS codes to charge combo tax rates?
Multipub uses Satori to assign FIPS codes to subscribers’ name and address records. Sales tax is then assigned by FIPS code. The sales tax service uses this data to assign the appropriate tax rate.
What if I have nexus in multiple states?
Multipub can help you manage complex tax requirements for all jurisdictions.