The Tax & Accounting business of Thomson Reuters has integrated the latest tax holidays into its Sabrix sales and use tax solutions.
Research by Thomson Reuters professionals on the tax breaks will be automatically integrated into the Sabrix product line, ensuring that retail clients continue to achieve compliance with confidence.
In addition, 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 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 of 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.
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 report of the latest tax breaks, visit http://www.sabrix.com/resource-center/state-tax-rate-changes/2010-salestax-holidays.
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