Thomson Reuters, provider of tax and accounting software, recently announced the integration of the 2013 back-to-school tax holidays into its ONESOURCE Indirect Tax Software. The tax holidays were implemented to provide tax relief to consumers and retailers.
A recent survey conducted by BIGinsight found that more than three-fourths of families with school-aged children believe their back-to-school shopping will be impacted by the state of the U.S. economy and they are looking to keeps costs as low as possible. As a result, retailers are also looking to cut costs so they can pass those savings onto their customers.
Thomson Reuters has a team of lawyers, former tax auditors and CPAS that researches the school holiday tax breaks, identifying any legislative changes. The tax holidays are integrated into Thomson Reuters' indirect tax products, helping ensure companies stay compliant, since the tax holidays and details vary by state.
“A company managing indirect tax in-house spends significant resources for each sales and use tax change, whether the tax law is permanent or for a select period of time,” said Carla Yrjanson, vice president of tax research & content for indirect tax within Thomson Reuters. “However, for retailers working with a tax solution provider, the process is not only effortless, but also much more cost effective than managing it in-house. We’re pleased to help our retail clients focus on managing their businesses and maximizing sales, while we manage the cumbersome tax holiday rules.”
Thomson Reuters has a full report of the 2013 sales tax holidays, complete with back-to-school tax breaks.