Sales tax collections, which account for over 30% of all states’ revenue and is the single largest source of revenue for many states, is at an all-time high.
ATLANTA, GA (PRWEB) January 23, 2013
TaxConnex, America’s leading independent provider of sales and use tax outsourcing and consulting services, recently compiled data from the US Census Bureau to provide insight into recent national sales tax trends. The study reveals that US sales tax collections are on the rise and at an all-time high.
Sales tax collections show a steady increase over the past several years, but a fairly significant decline during 2008 and 2009. As a result of that decline, states took action by expanding the list of taxable services and applying the full-court press to Amazon and other online retailers. The result has been a steady growth of sales tax collections.
TaxConnex Partner Brian Greer states, “The conversation du jour surrounding sales tax revolves around how much sales tax collection is being lost as a result of the shift in buying patterns to the Internet. With the tenor of the conversations, you would expect that sales tax collections would be significantly down. This is just not the case. Sales tax collections, which account for over 30% of all states’ revenue and is the single largest source of revenue for many states, is at an all-time high.”
TaxConnex will continue to monitor sales tax collections in 2013 and plans to provide updated guidance on how to protect against an expanding tax base, increasing sales tax rates, and pending Federal legislation.
TaxConnex, “your outsourced sales tax department”, is America’s leading independent sales and use tax outsourcing and consulting firm. Using a team of experienced tax and accounting professionals, TaxConnex provides sales tax outsourcing, sales tax consulting and VoIP tax service to businesses of all sizes with a focus on technology companies, small and mid-sized businesses, and VoIP providers. TaxConnex provides a complete set of highly customer intimate services including end-to-end compliance, data analysis, remittance, reporting, notice resolution, question handling, proactive suggestions, straightforward advice, and audit support. TaxConnex is your “on-call” Sales & Use Tax Department.