The Tax & Accounting business of Thomson Reuters recently announced that it has integrated the latest tax holidays into its Sabrix sales and use tax solutions.
Researched by Thomson Reuters multi-disciplinary professionals in tax law, accounting, and audit, tax breaks will be automatically integrated into the Sabrix product line ensuring that retail clients continue to achieve compliance with confidence. As other jurisdictions update their respective tax rates, SAS 70 Type II certified tax research proactively identifies legislative changes to ensure Sabrix customers will continue to seamlessly stay compliant without the hassle of researching and manually keying in the new tax breaks.
"For affected retailers, achieving compliance with sales holiday tax breaks in-house would require considerable effort," said Carla Yrjanson, vice president, Sabrix Tax Services, part of the Tax & Accounting business of Thomson Reuters. "However, for those working with a sales and use tax solution provider, the process is quite simple. We are pleased to help our retail clients focus on managing their businesses and maximizing sales, while we manage the cumbersome tax holiday rules."
The sales tax breaks, including back-to-school holidays, were created to offer consumers and retailers much needed relief in the recovering economy. States differ on the variety of items that are exempt and the threshold amount. For example, some states exempt all tangible personal property, others in hurricane areas exempt related supplies, and others clothing, footwear, school supplies and computers. Download a full report of the latest tax breaks.
About Thomson Reuters:
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.
The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to http://thomsonreuters.com/products_services/taxacct/.