State and Local Tax Compliance: 5 Tips to Minimize Exposure and Maximize Revenue

5. Investigate tax automation solutions that can help minimize your exposure and expense, and focus your staff on more strategic initiatives.

Rates aside, states, and sometimes localities, publish special calculation algorithms that cap or set minimum/maximum thresholds. Or they exempt tax on specific holidays or for specific segments of the population. The intricacies of the rules have become overwhelming to implement on a manual basis. Technology solutions that help marketers keep up to date on tax rates at all levels and apply them during each transaction can help you consistently maintain accurate tax remittance.