- Purpose and Function of SSTP: The Streamlined Sales Tax Project (SSTP) aims to simplify and modernize sales tax administration in the U.S. by creating uniform standards and practices across states, which reduces the compliance burden for businesses operating in multiple jurisdictions.
- Key Features and Benefits: SSTP encourages states to adopt consistent definitions, simplified tax rates, centralized registration, and technology solutions to automate tax processes. This results in reduced compliance costs, improved accuracy in tax reporting, and a level playing field for both online and brick-and-mortar businesses.
- Participation and Importance: With 23 states fully participating and Tennessee as an associate member, the SSTP supports businesses, especially in the wake of the Wayfair decision. It provides a framework for compliance with evolving tax policies in the digital economy, making it crucial for businesses to register through the Streamlined Sales Tax Registration System (SSTRS) to take advantage of its benefits.
Source Taxually
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