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Sales And Use Tax 101. A Basic Level Overview For Accountants

Twenty-eight years ago, my supervisor, the tax director at a Fortune 500 manufacturer, asked me what I knew about sales tax, and I replied, “It’s at the bottom of my Walmart receipts.” You may have the same reply if you were asked this question today. However, sales tax has a vital impact on many businesses: proper handling of it can produce significant savings, while improper handling has resulted in business failures. While sales taxes can seem confusing to anyone whose job is not to specialize in them, it would be helpful for any CPA to obtain a basic level of understanding in order to be familiar with major issues affecting their clients and/or employers.  

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