Keeping a close eye on sales and use tax trends is an essential business practice. While it’s impossible to predict the future with complete accuracy, several factors can help businesses make informed projections.
One key factor that will impact sales and use tax during 2024 is the continued growth of e-commerce. As more and more consumers turn to online shopping, states will continue to update their sales and use tax laws to ensure they collect the appropriate taxes from online retailers.
Another factor to consider is the potential for changes in tax legislation at the state level that could impact sales and use tax rates, exemptions, and regulations.
It is also important to consider the overall economic climate. As the economy continues to recover from the pandemic, businesses should consider how growth or contraction in their industry could further impact sales and use tax revenue.
Thompson Tax is here to help your business monitor these changes and stay abreast of new tax laws. Please feel free to reach out to us with any questions you may have. We are here for YOU!