According to a new survey as reported by Accounting Today, midsized businesses spend 163 hours per month on sales tax compliance, typically costing more than $17,000. Questions: Which industry had the highest total estimated costs per month? What percentage greater in the amount of time was spent by the retail industry as compared to the manufacturing… Read more »
Posts Tagged: sales tax
A Change in the Collection of Sales Tax
According to Slate, the Supreme Court dragged a bit of American tax law into the 21st century when they ruled that states could force all online retailers to collect sales taxes, even if they lack a physical presence there. Questions: 1. Do you think the ruling will change buying habits? Explain. 2. What case was… Read more »
Questions about Sales Tax
Is a Twix bar food or candy? In 24 states, a Hershey’s bar is candy but a Twix isn’t. That’s because Twix contains flour, and in those states — which all share a sales tax code — candy is defined as being flour free. And since groceries aren’t taxed, you’ll pay taxes for the Hershey’s,… Read more »