ATLANTA, Dec. 8, 2016 /PRNewswire-USNewswire/ -- The Institute for Professionals in Taxation® (IPT), a nonprofit educational organization that serves professionals working in state and local taxation across the nation, has released a new study on the role that local sales taxes have assumed in financing local governments and the challenges that taxpayers and local jurisdictions face in managing these responsibilities.
The report, "Locally Administered Sales & Use Taxes":
– Features an in-depth analysis of the approximately 10,000 local jurisdictions that impose general retail sales tax in the United States.
– Explains the issues that locally administered sales taxes present.
– Provides an estimate of the incremental compliance costs for both taxpayers and governments, compared to local taxes administered by a single state tax administration agency.
For more information on the study: http://www.ipt.org/IPT/SponsoredResearch.aspx.
"For taxpayers, the cost of complying with these taxes is a significant challenge," explained Arthur Rosen, Esq., IPT research committee chair and partner at McDermott Will and Emery LLP. "For governments, the obstacles are the costs of administering the taxes (relative to the perceived benefits of the taxes), tax coordination, tax implementation, and fiscal equalization. This report provides a balanced view of these challenges and offers solutions for both taxpayers and governments."
IPT retained KPMG LLP, the audit, tax and advisory firm, to perform research and obtain the underlying data for the report, all of which was collected in late 2015. IPT analyzed the survey findings and summarized the options that state and localities could pursue to simplify compliance with locally administered taxes and potentially reduce costs of compliance and administration for taxpayers and governments.
"This is the Institute's first commissioned research initiative, and we selected this topic because of the importance and impact of these taxes to and on our membership, as well as to the American tax system," IPT immediate past president Margaret Wilson, CMI, Esq., stated. "Since we started, it has been our intention that this study will be used by both taxpayers and governments to help create a tax community that is better informed and, ultimately, tax regimes that better align with the needs of both taxpayers and governments."
The Institute for Professionals in Taxation, founded in 1976, is a 501(c)(3) nonprofit professional association serving over 4,200 members representing approximately 1,450 corporations, firms and taxpayers throughout the United States and Canada. IPT is dedicated to the uniform and equitable administration of state and local income, ad valorem, and sales and use taxes as well as credits and incentives with a focus on minimizing the cost of tax administration and compliance. More information about IPT is available at ipt.org.
CONTACT: IPT Executive Director Chris Muntifering, CMI, (phone 404-240-2318 and email email@example.com)
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