May 12, 2017 Corporate Tax
Sales and Use Taxes Remain Top Complex Tax Function for Corporations
By: Pat Bryant, Senior Product Manager, Bloomberg BNA
Accounting Today recently published an article on the state of sales and use tax. As noted by reporter Ted Needleman, sales and use tax compliance appears to be getting more and more challenging, "And just to make things even more complicated and annoying, the rules behind where your client has to collect taxes, and which taxing authority they have to remit these collections to (called nexus), are often obscure or unobvious."
I couldn’t agree more. With an average of over 1,000 sales and use tax law changes annually, keeping up with the dizzying array of changes is difficult. Here at Bloomberg BNA, we continue to help our customers stay current by delivering significant product enhancements designed to support more precise methods of accurately determining sales and use tax rates.
To address the increasingly complex taxing boundaries, BNA Sales Tax™ Rates combines software and services to help businesses identify, validate and correct tax boundary and rate issues:
- Imprecise methods used for jurisdiction determination (e.g., ZIP Code)
- Challenges in determining whether a location is inside or outside city limits
- Incorrect or out-of-date ZIP+4 or street address data
- Missed tax rate and boundary changes
To read more about the many complexities surrounding sales and use taxes, check out the Accounting Today article “Permanent complexity: Sales and use taxes today and tomorrow” or go to BNA Sales Tax Rates to learn more about the solution.