Sales tax at both the state and federal level is evolving every day, as states look for ways to increase revenues. What’s not taxable today could be taxable tomorrow. What’s taxable in one state may not be in another, and it just gets exponentially more complicated from there. Regardless of which industry you’re in or whether you sell online or to remote buyers, pending legislation such as the Marketplace Fairness Act (MFA) of 2013 could dramatically affect your business.
Discover how your business could be affected and learn how you can prepare now.
Join us for this free webinar to learn more about:
- The current sales tax landscape
- Status of pending sales tax legislation
- Tips for mitigating your sales tax compliance risk
- Steps to help you prepare for 2013
- How you can achieve sales tax compliance through automation with Sage Sales Tax by Avalara.
- Accurate sales & use tax calculation
- Painless exemption certificate management
- Effortless sales tax filing and remittance
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
Avalara is a third party provider of outsource sales tax processing. This service integrates directly to your Sage 100 ERP and correctly computes sales tax based on geographic location and current tax rules and rates. In addition to computational services Avalara can also file your sales tax returns and manage the headache of compiling and updating reseller certifications which you’ve collected from your exempt customers.
Join sales tax processing provider Avalara for a reseller certificate best practices for collecting and managing certificates to reduce sales tax audit risk. Ways to improve your processes while keeping cost of collection and amount of time managing certs to a minimum.
When: May 9, 2013 – 10:00 am PDT / 1:00 pm EDT
Cost: $ 0
In some instances you may find that you would like to record the sales tax paid on your inventory purchases as part of the cost of inventory (consult your tax advisor on whether this applies to you).
Here’s how to do it in Sage 100 ERP fka MAS90 or MAS200:
- Open Library Master / Common and select Sales Tax Code Maintenance.
- Review the warning message and click ‘OK’.
- Select the desired Tax Code from the lookup or enter a new code if needed.
- Select the checkbox next to ‘Expense to Vendor/Item’.
- Select the Line for tax class TX.
- Make sure the ‘Purchases’ ox is checked.
- Confirm that the ‘Tax Rate’ is greater than 0.00.
- Set the Non-Recoverable % to 100.00%
- Click ‘OK’
- Repeat for all tax codes needed.