Happy Thanksgiving, from TTR
Wednesday, November 26th, 2014
(McMinnville, OR, November 26, 2014) Transaction Tax Resources, Inc. (TTR) is in the business of helping people. The people TTR focuses on helping are those trusted to get sales and use tax right. These professionals have one thing in common: they want to get it right, and they won't stop until it is right.
Sales and use tax professionals are among the most dedicated in any field. The product of the tax department is a correctly filed tax return. Arriving at this product is a challenge. Tax professionals must be experts on everything in order to do their jobs.
Sales and use tax professionals have to understand every product and service sold by their companies. They also have to understand every product and service purchased by their companies. They have to be product experts, understand everything about their industry, and also know as much about what is bought as procurement does. This is all just step ONE.
Next, sales and use tax professionals have to be master researchers. Unlike other areas of tax, sales and use tax consists of forty-six (46) sets of tax laws, regulations, cases, and rulings. Sales and use tax professionals must know how best to find a law that tells them how to tax the product or service that was purchased or sold by their company.
Next, sales and use tax professionals have to be accountants. They have to ensure that every dollar collected by the company gets recorded into the correct General Ledger account and know where to get those numbers for tax return filings. They have to reconcile these accounts in order to ensure that the company is getting the right amount of tax to every state, county, city, and special locality.
Next, sales and use tax professionals have to be masters of time management, coordination, and last-minute problem solving. Between month-end close and tax return due dates, tax professionals have just days to get the information from accounting, fill out all the necessary forms, and get them to the states on time. It is a one-time shot. Missing it means the loss of discounts, rebates, and sometimes tens of thousands of dollars.
Next, sales and use tax professionals have to be negotiators and patient stewards and advocates for the company as states come to audit. Information must be gathered as a third party asks about everything done by the professionals. Complex issues arise, necessitating quick and accurate responses. Audits are challenging and can feel invasive - after all, many of us don't enjoy having someone looking over our shoulder.
Finally, sales and use tax professionals have to do it all over again - every day of every month. One might ask, why would an attorney or accountant or anyone chose this line of work? They want to. They want to get it right. They want to understand it all. They want to provide value to the organization. They want to have a fundamental understanding of everything done in the company. They want to help others. They want to get the state the money that should go to the state. They want to.
Wow. Really? Yes.
These are sales and use tax professionals. Almost no one knows what they do. Almost no one stops by to say "thank you." So, this holiday season (and hopefully more often), please join us in saying THANK YOU to our sales and use tax professionals!
Thank you for caring more than we ever know. Thank you for getting it right.
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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