July 23, 2013
Thomson Reuters Announces Integration of the Latest Back-to-School Tax Holidays into its ONESOURCE Indirect Tax Software
NEW YORK - Thomson Reuters today announced it has integrated upcoming back-to-school tax holidays into its ONESOURCE Indirect Tax Software. The school tax holidays were created to offer consumers and retailers tax relief during the second biggest shopping time of the year.
Researched by Thomson Reuters multi-disciplinary team comprised of lawyers, former tax auditors and CPAs, the school holiday tax breaks are automatically integrated into the Thomson Reuters indirect tax product line. As other jurisdictions update their respective tax rates, the company’s SSAE 16 certified tax research proactively identifies legislative changes to ensure Thomson Reuters customers will continue to seamlessly stay compliant without the hassle of researching and keying in the new tax breaks.
According to the National Retail Federation, last year families with children in grades K-12 spent nearly $690 on school-related items, but parents are eager to find any way possible to keep costs down. In a recent survey conducted byBIGinsight, nearly 77 percent of families with school-aged children say the state of the U.S. economy will impact their back-to-school spending plans. As a result, retailers competing for these limited dollars are doing everything they can to keep costs down so they can pass those savings onto their customers.
“A company managing indirect tax in-house spends significant resources for each sales and use tax change, whether the tax law is permanent or for a select period of time,” said Carla Yrjanson, vice president of tax research & content for indirect tax within Thomson Reuters. “However, for retailers working with a tax solution provider, the process is not only effortless, but also much more cost effective than managing it in-house. We’re pleased to help our retail clients focus on managing their businesses and maximizing sales, while we manage the cumbersome tax holiday rules.”
States differ on the variety of items that are exempt and the threshold amount. For example, some states exempt all tangible personal property, others in hurricane areas exempt related supplies, and others clothing, footwear, school supplies and computers. To download a full 2013 sales tax holiday report, including back-to-school tax breaks, go to: https://tax.thomsonreuters.com/wp-content/pdf/indirect-tax/tax-rate-reports/2013_Sales_Tax_Holidays.pdf.
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