What You Need To Know About State Tax Exemption Certificates
In the ever-changing landscape that is Sales & Use Tax, there is one thing that remains the same. Sales or use tax should be charged on the sale or use of tangible personal property. Transactions involving the sale, use and sometimes lease or rental of items that you can feel, see, smell or touch are normally subject to Sales or Use tax, unless a specific exemption is prescribed by state law. A Tax Exemption Certificate is a legal document provided by the buyer to the seller verifying the applicable exemption.
Read More →5 Key Seller Responsibilities for Exemption Certificates
Like Sales & Use tax, the rules that govern tax exemption certificates vary from state to state. Understanding the Seller’s responsibilities regarding collecting and accepting tax exemption certificates is a critical part of effective Tax Administration.
Read More →5 Key Buyer Responsibilities for Exemption Certificates
From the buyers’ perspective, a purchase is either taxable or not taxable. Tax should be charged on taxable sales and not charged on sales that are not subject to sales & use tax. An exempt transaction is a taxable transaction that qualifies for an exemption.
Read More →5 Most Common Sales & Use Tax Exemptions
The resale exemption is perhaps the most commonly claimed exemption. The sale for resale exemption allows businesses to purchase goods they intend to resell in their regular course of business without paying sales tax.
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