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Last year Finance pros saw 721 sales tax rate changes

Jennifer Azara
by Jennifer Azara
March 7, 2018
  • Accounting
1 minute read
  • SHARE ON

If you and your Finance team had the sinking suspicion you had to deal with more than the usual amount of sales tax rate changes last year, your suspicions are absolutely correct.

There were 721 sales tax rate changes in 2017, according to Vertex Inc.’s annual year-end tax rate study. That’s a 29% jump over the 558 shifts that happened in 2016.

Where to watch most closely

While you had just two new state sales tax rates to keep track of, a surge in new district taxes likely kept you and your team on your toes.

Two hundred thirty six district rate changes came your way, 94 of which came from newly-created districts. (California alone created 50 of them!)

What’s behind that? It’s a way for jurisdictions to create new revenue generating opportunities.

To keep your compliance high, have both your A/R and A/P staffers keep a closer eye on the district level.

Info: For more on the report, go to vertexinc.com/news/new-sales-tax-report-shows-significant-increase-rate-changes-2017

Jennifer Azara
Jennifer Azara
Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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