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Hot Topics: Taxability

Clients often ask us, “How often should we evaluate the taxability of our products?” An annual review should work. Most states change their sales tax rate laws on either Jan. 1 or July 1, by the calendar year or by the fiscal year.

SaaS

Speaking of confusion, we often see a problem with companies knowing the actual taxability of what they’re selling. In the technology world especially, it’s not always cut and dry what’s being sold.

Contractors

A contractor is generally defined as someone who provides improvements to real property on a lump sum contract basis, and at first glance, the sales and use tax requirements for a contractor seem quite simple.

Exemption certificates

A sales tax exemption certificate alleviates a company from collecting and remitting sales tax on certain products and services. The purchaser – not the retailer/business – has the responsibility for determining whether a sale is exempt from tax.

Source: www.taxconnex.com

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