May 2022: Sales and Use Tax Basics

June 3, 2022

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Metric of the Month — Overtime

The recent pandemic-related thinning of the AP workforce, owing to both voluntary departures and staff reductions due to decreased business, has resulted in remaining AP staff working longer hours. IOFM’s latest survey, “Great AP Places to Work,” shows that two out of three respondents are working more than 40 hours a week — and almost a fourth are working more than 50.

What Is Use Tax?

Many people don’t know that use tax is virtually the same thing as sales tax, only it’s remitted by the buyer instead of the seller. That means that if you weren’t charged sales tax on something you should have been, it’s then up to you to pay it.

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Sales and Use Tax Policy

Does your organization have a written policy that establishes principles, controls, and responsibilities for those who manage sales and use tax? You should! If not, download this free IOFM template and customize it for your organization.

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Making Sense of Sales Tax

Sales tax couldn’t be more complicated. Because local and state governments reserve the right to set their own rates, there are more than 11,000 different tax jurisdictions in the U.S. However, there’s a national organization working to simplify that.

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FREE WEBINAR: Use Tax Accrual: Manual and Automated Options to Keep You Compliant

AP departments are the first line of defense in ensuring supplier tax responsibilities are being properly managed. Join IOFM and Diane L. Yetter, President of YETTER TAX for a free on-demand webinar that will cover strategies to keep tabs on what your suppliers are doing when it comes to taxing your purchases.

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