It Depends
Welcome to 'It Depends', a sales tax podcast hosted by Brian Greer and Jeff Meigs from TaxConnex.
In this podcast, we’ll be exploring different aspects of sales and use tax. So whether you’re a tax pro or a novice, in industry, school or a practicing CPA, tune in and join us as we attempt to simplify the complexity of the sales tax world.
This is ‘It Depends.’ Because with sales tax, there is rarely just one answer. And often that’s our answer to many questions – it just depends.
Brian - Chief Revenue Officer, Partner at TaxConnex
https://www.linkedin.com/in/brian-greer-55b7364/
Jeff - Consulting Practice Leader, Partner at TaxConnex
https://www.linkedin.com/in/jeffrey-meigs-14a76521/
https://www.taxconnex.com/
It Depends
Navigating Sales Tax Exemption Certificates for Your Business
In its most basic form, a sales tax exemption certificate alleviates a company from collecting and remitting sales tax on certain products and services. The most common exemption is “sale for resale,” which allows businesses to purchase products free of tax. Other exemptions can apply to special entities, including government organizations and nonprofits.
The purchaser has the responsibility for determining whether they are exempt or not and obtaining a valid exemption certificate. But, it is the job of business to validate and maintain these exemption certificates in order to not be held responsible for not charging sales tax leaving your business with the responsibility of paying the tax to the state if assessed under audit. So how do you manage this?
In this episode Jeff and Brian cover:
- The differences between exemptions and exclusions
- What forms are needed to qualify
- Industry specific examples
- Best practices for exemption certificate management
Brian - Chief Revenue Officer, Partner at TaxConnex
https://www.linkedin.com/in/brian-greer-55b7364/
Jeff - Consulting Practice Leader, Partner at TaxConnex
https://www.linkedin.com/in/jeffrey-meigs-14a76521/
https://www.taxconnex.com/
