Tax & Accounting Blog

July Sales & Use Tax  Rate Changes

July Sales & Use Tax Rate Changes

There are quite a few changes as we have reached the halfway point of 2011. Below you can reference a selection of the changes taking effect as of Q3 2011: New Levies Georgia: Towns County Special Purpose 1.0% Illinois: Byron 1.0% (sales tax only); Carmi 0.75% (sales tax only); Cherry Valley 1.0% (sales tax only); Fulton … Read More

Thomson Reuters Granted Patent for Universal Tax Determination Engine

Thomson Reuters Granted Patent for Universal Tax Determination Engine

The Tax & Accounting business of Thomson Reuters today announced it has been granted a U.S. Patent for its Universal Tax Determination Engine (UTDE).  The patent for invention number 7,933,803, part of the ONESOURCE Indirect Tax solution, provides centralized control of tax policy and data driven tax determination for sales, use, and value added … Read More

South Carolina enacts sales and use tax nexus exemption for certain in-state distribution facilities

South Carolina enacts sales and use tax nexus exemption for certain in-state distribution facilities

On June 8, 2011, South Carolina passed new legislation that provides a temporary exemption from sales and use tax collection for certain in-state distribution facilities.  Under the new law, SB 36, a qualifying distribution center is not considered to have physical presence in South Carolina sufficient to establish a nexus with the state for sales … Read More