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Sales tax isn’t typically top of mind for most financial executives. It doesn’t contribute to the bottom line, so why worry about it? Sales tax isn’t a big money maker for you, but it is for the states. In fact, for the 45 states that collect it, sales tax makes up one-third to one-half of their revenues. Facing budget deficits, many states are increasing audits as a means for recovery. Compound that with new legislation and increasingly complex rules that determine tax liability (also known as “nexus”) and suddenly sales tax is a big deal. |
