Unless you live in one of five states that don’t collect sales tax (for now), chances are sales tax is something you deal with regularly as a consumer. And while there are many intricacies businesses face when collecting sales tax (what rate to charge, when & where to file, etc.), most of us understand the concept in general.
Unlike sales tax, very few of us understand use tax regulations, let alone comply with them. Put simply, use tax (aka consumer use tax) is a sales tax that is collected and remitted by the buyer rather than the seller.
It is estimated that in the 45 states that have sales tax, and therefore also have use tax, only 1.6% of taxpayers actually pay it. While state governments don’t have the bandwidth to hunt down every penny individual consumers didn’t pay on tax-free (but not tax-exempt) online purchases, auditors are not shy about digging into purchase records to find use tax violations when auditing businesses.
There are a variety of scenarios that create use tax liability, and each of these situations, if not handled properly, can expose your organization to audit risk. Attend this webinar to learn how you can reduce your exposure by accurately self-assessing use tax.
When: Tuesday May 14, 2013 2:30 pm EDT