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With thousands of jurisdictions across the country that have varying sales and use tax rates, the various filing requirements and frequencies of the 45 states that have sales taxes, and the potential penalties that can result from errors or missed deadlines, sales tax compliance can be complicated enough. But another significant challenge for many businesses lies in keeping track of the customers and transactions for which no tax is applied.
Most state and local laws require sellers to keep valid exemption certificates for all of their customers who claim exemption from sales tax, otherwise they are obligated to collect, report and remit those taxes. Managing these certificates can be just as tedious as other parts of the compliance process, especially since the documents expire and must be updated periodically. Two solutions from Imaging Science & Services, Inc. (ISSI) offer relief for these processes.
The Tax Exemption Administrative Management System (TEAMS) provides a web-enabled utility that streamlines the functions of collecting, storing and retrieving exemption certificates, and offers special features that help to identify those that have expired or are nearing expiration, then alerts users and management to these records. The system also notes missing and invalid certificates, and includes advanced search features.
The LineLink system is a database or spreadsheet-based tool that functions as a desktop document organizer, helping to simplify tasks involving multiple documents. The system can be used for sales and use tax audit defense, reverse audits, due diligence reviews and other related tasks.
Both systems allow business financial managers to be more proactive in exemption management and audit defense preparation, resulting in greater compliance assurance.
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