Thomson Reuters has integrated the upcoming back-to-school tax holidays into its ONESOURCE Indirect Tax Software.
The back-to-school tax holidays offer both consumers and retailers tax relief during the second biggest shopping time of the year. A Thomson Reuters research team of CPAs, attorneys and former tax auditors added the information to Thomson Reuters’ indirect tax product line. As other jurisdictions update their respective tax rates, the company’s tax researchers identify any legislative changes to keep the software tax compliant.
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“A company managing indirect tax in-house spends significant resources for each sales and use tax change, whether the tax law is permanent or for a select period of time,” said Carla Yrjanson, vice president of tax research & content for indirect tax at Thomson Reuters, in a statement. “However, for retailers working with a tax solution provider, the process is not only effortless, but also much more cost effective than managing it in-house. We’re pleased to help our retail clients focus on managing their businesses and maximizing sales, while we manage the cumbersome tax holiday rules.”
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.
To download a full 2013 sales tax holiday report, including back-to-school tax breaks, visit