Exploring what's new, relevant and upcoming in the ever-changing world of sales tax.
Jul 15, 2015 Sales Tax DataLINK
Although we might think of gross receipts tax as the same as sales tax, there are a number of differences your business needs to keep in mind. Sales tax is not the same as a gross receipts tax because of how and where the money to pay the tax comes from. Gross receipts tax is based on total revenue and directly affects the profits of a business. Gross receipts tax is paid by the business rather than by its customers and typically does not exempt many of the products and services that a sales tax law does. Additionally, rates for taxes on gross receipts tend to be lower than sales tax rates although they often are applicable to more transactions. Read More