For retailers, the burden associated with Sales Tax Holiday administration can be enormous if they do not have a sales tax compliance management system in place. With Sales Tax Holidays in full swing, retailers will need to reset their cash registers or point-of-sale systems, customize their tax rates and remap their product SKUs. Without the correct systems and content in place, errors can happen. Sales Tax Holiday mistakes often make the news. This week, a Tennessee shopper noticed she had been charged sales tax on exempt items. “On the way home, I started thinking, ‘If I was taxed, how many other people bought stuff that they were taxed for?” said Denise Pishotta, the woman who noticed the error on her receipt. The retailer’s calculation solution was not accurately updated to not charge people for the relevant goods in TN on their sales tax holiday. With Taxware, retailers would simply need to apply the regularly-scheduled content updates to their system to produce a result consistent with the tax holiday for their state and local jurisdiction. Selecting the right sales and use tax compliance partner is critical. Errors can be costly, cause additional burden on customer service resources, and chip away at consumer trust. Check out the Taxware interactive Sales Tax Holiday guide and downloadable infographic. For more information or to find out how we can help with timely tax rule changes, please visit contact Taxware or Ask the Tax Expert today.
Getting it Right: The Importance of Sales Tax Holiday Content Updates
Sovos
August 6, 2014
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Sovos
Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes.
More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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