- Domestic manufacturing growth in the U.S. is increasing due to tariff discussions and supply chain issues during the pandemic.
- Reshoring is expected to become more common, leading to more domestic sales and sales tax obligations.
- The U.S. has been a significant manufacturing nation, with recent factors making it more attractive.
- Many manufacturers are not fully satisfied with their sales tax compliance processes.
- Challenges include keeping up with tax code changes, retaining experts, and managing the process.
- Sales tax liabilities are becoming a concern in mergers and acquisitions.
- Nexus is created by a certain volume of sales, either economic or physical, leading to sales tax obligations.
- Companies must register with states and file periodic sales tax returns.
- Manufacturers may qualify for sales tax breaks but face complex compliance obligations.
Source: taxconnex.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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