Making sense of U.S. sales and use taxes can be difficult. That’s because, unlike most countries, the United States doesn’t have a national sales tax. So, there isn’t a standard rate that can be applied consistently to every sale. Rates are set at the state level instead, and with little coordination between state legislatures, they vary widely. Local municipalities can also levy sales and use taxes in many states, creating more complexity.
The issue is made even more challenging in the wake of the U.S. Supreme Court’s 2018 Wayfair ruling, which enabled states to enact ecommerce legislation to tax purchases made online. These laws generally apply only to companies meeting certain sales thresholds, but the requirements are subject to change. It’s little wonder so many organizations struggle with sales tax collection!
Read more from this NetSuite blog post to learn how NetSuite’s sales and use tax solution, SuiteTax, helps organizations meet complex tax determination and reporting requirements.
Contact the GYF ERP Solutions Group to find out more about SuiteTax and other NetSuite products.