Any company buying goods from outside of the state they reside or online typically does not pay sales tax. However, many companies do not realize they are required to pay consumer use tax for the storage, use, or consumption of tangible property, even though they are a business and not an individual.
Even more, many companies do not realize they are responsible for self-assessing when, and if, use tax is accrued and to self-report and remit tax liabilities to the IRS.
With deficits on the rise, the states are increasing audits and auditors are specifically looking for these mistakes because penalties and fees can be quite substantial, at times enough to cause bankruptcy.
Read this free whitepaper on use tax and its impact on businesses and help protect your company from audit.
Simply fill out the form to get your free copy.
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