Sales and use taxes are a complex issue that every controller should be aware of, and regarding which they should be able to evaluate the requirements for their operations. Sales and use taxes touch virtually every area of a company from procuring goods to managing inventory, making sales, marketing, investing in assets, and business structure. The ruling has significantly expanded the states ' authority in the sales tax arena, and businesses in every state will likely be impacted. The ability of any state to regulate an out‐of‐state business is limited by the commerce clause of the US Constitution. Complementary to the sales tax is the use tax. The use tax applies to items purchased exempt from tax that are subsequently used in a taxable manner. Nexus is required before a taxing jurisdiction can impose its taxes on an entity. Many businesses have embraced the movement to procurement cards.


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    Title :

    Sales and Use Tax


    Contributors:

    Published in:

    Publication date :

    2021-03-16


    Size :

    11 pages




    Type of media :

    Article/Chapter (Book)


    Type of material :

    Electronic Resource


    Language :

    English




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