TTR Answers Tax Basics - Free For Subscribers

Tuesday, October 14th, 2014

 
 
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(McMinnville, OR, October 14, 2014) Transaction Tax Resources, Inc. (TTR), the leading provider of sales and use tax answers, is proud to announce a significant expansion of tax answer content without any additional cost to subscribers. Tax professionals know just how daunting tax research can be. And sometimes it's the basics that are most frustrating. For example, not knowing that a state's tax on rentals is different from the general sales tax can mean hours of wasted time spent researching the wrong set of rules. That's why TTR has expanded its answers in some of the most fundamental areas of transaction tax.

Who is responsible for paying sales tax? Who is liable if sales tax is not paid? Who is responsible for paying use tax? Who is liable if use tax is not paid? How does temporary storage work, and what are the tax implications and limitations?

The answers to these questions are now available across all states to all TTR subscribers.

TEMPORARY STORAGE

Did you know that many states have a temporary storage exemption from use tax? This means that there is no use tax due when you purchase property out of state, have that property shipped in state, and only temporarily store the property there before shipping it to another state for use.

TTR has now clarified which states do and do not allow a temporary storage exemption or exclusion.

TAX RETURN TYPES

Many questions are challenging to quickly find answers to when filing tax returns. Do you file sales and use tax on the same return? Who is in charge of sales and use tax - the Department of Revenue or the State Tax Commission? Does that same state agency administer any local sales and use tax? When is the tax return due for this state?

TTR has now answered these questions for all states, and in doing so, has helped to reduce the complexity of tax filing for many of its subscribers.

COLLECTION ALLOWANCES

In many states, collection allowances allow you to keep a percentage of the tax collected if you file your tax returns accurately and on time.

With the addition of this TTR content, subscribers can quickly find states that offer this incentive and thereby reduce their companies' overall tax burden.


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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