Professionals seeking jobs in tax accounting have a lot to talk about after the recent release of the online sales tax bill.
As someone on a tax accountant job, whether you are with the bill or against it, some of these interesting facts about sales and the use of tax may just be the reason why you change your perspective. Nowadays you can enjoy tax savings with efficient tax planning in the very initial stage.
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Before you choose a side on whether one should tax or not on online sales, consider this-
Congress extended this Moratorium for the second time recently, up until November 2014. Though, tax accounting experts but note that this moratorium has little to do with the use tax collection problem that is prevalent.
However, as a tax accountant, notwithstanding all the confusion surrounding online sales taxes, the only thing that you truly need clarity on is how to pay. Remember that every state that has sales tax also has a use tax.
The latter is a replication of the sales taxes and applies in scenarios when the merchant does not collect any sales tax but you still have the goods shipped into your state.
If you are placing an order on the internet and getting goods shipped into any of the 45 states or the D.C area that has a sales tax, you are expected to pay use taxes.
Make as a tax controller, you are clear on all norms and regulations about online sales tax before you work for an e-commerce company.