Sales tax is a transactional tax that is imposed on the privilege of transacting business in a particular state and/or local jurisdiction, based on the product or service being sold.
If you extend credit terms to business customers you’ll inevitably end up with plenty of reasons why customers can’t or won’t pay you on time.
Think because you’re not a retailer you don’t have a sales tax obligation? Think again. Often, companies that don’t collect and remit sales tax actually have much more rigorous rules to follow for compliance. And when it comes to pleading your case to the state auditor, ignorance isn’t bliss.
As a growing business, you know that your employees are vital to your success. They aren’t just worker bees; they are the lifeblood of your company. Your employees are your partners. As partners, you trust them to make decisions on your behalf, and in the best interest of, the business.