I
Serving Clients
Nationwide I
Streamlined
Sales Tax (SST)
Registering with
the Streamlined Sales Tax states can be very beneficial in certain fact
scenarios. Under the Streamlined Sales Tax agreement, a group of states have
joined together to provide common definitions and rules for Sales & Use
Taxes among the participating states. The most significant potential benefit
may be complete relief from all accrued Sales & Use Tax liabilities in one
or more member states.
In this respect,
all member states are required to provide a one year amnesty period upon
becoming a Streamlined Sales Tax member state. The Streamlined Sales and Use
Tax Agreement ("SST") became effective on October 1, 2005, but
additional states continue to join as full or associate members. The original
amnesty period is past, which reduces the overall amnesty benefit and
complicates the decision as to whether SST registration will result in a net
benefit. The most significant drawback to SST registration is the requirement
to file Sales & Use Tax returns in all the SST member states for a minimum
of three years including states in which the registrant would not otherwise
have a legal requirement to file.
SST is not right
for everyone. Other exposure resolution options may be best for you. Selecting
which approach to use to resolve prior period noncompliance is a business
decision that should be considered for each applicable individual taxing
jurisdiction.
A careful
evaluation of your firm's situation is essential to see if SST registration is
the right exposure resolution option for you. Our SST experienced professionals
can help with the evaluation and ensure you make an informed decision. Olivier
& Associates can also assist you with the registration process and some of
the technical implementation considerations.
Contact us
today or call
1-888-466-2829 for a no-obligation consultation about your Sales &
Use Tax issues.
