RIVERWOODS, Ill., Sept. 27, 2012 /PRNewswire/ -- For the eighth consecutive year, CCH has been selected by the Internal Revenue Service (IRS) to deliver comprehensive sales tax rate and taxability tables, supporting millions of taxpayers in preparing their returns. CCH, a Wolters Kluwer business is a leading provider of tax, accounting and audit information, software and services (CCHGroup.com).
"We are delighted to continue our partnership with the IRS by providing the latest updated rate and taxability information for every ZIP Code in the country," said Scott Gruchot, CCH Vice President & General Manager, Corporate. "Delivering valuable multi-jurisdictional sales tax information gives us the opportunity to directly support millions of taxpayers and tax professionals who regularly integrate our solutions into their daily workflow, allowing them to make informed decisions based on the latest CCH tax data."
New for 2012
For the first time, taxpayers will have access to granular tax districts rather than full-city tax rates. The ability to pinpoint specific municipal sales tax rates provides a higher degree of accuracy and enhances the taxpayer experience by allowing users to precisely identify their tax jurisdictions.
Data for Convenient Tax Return Preparations
Information for IRS tables, used by taxpayers to determine optional sales tax deductions for income tax returns, is generated from several CCH workflow tools, including thedatabase providing updated sales tax data for every ZIP Code, city, county and state in the United States and its territories. Tax information for IRS tables also comes from CCH's IntelliConnect® research platform.By leveraging these solutions, CCH supplies the IRS with updated sales tax information for all U.S. tax jurisdictions.
CCH's taxability and tax rate information for state and local jurisdictions supports the IRS's online Sales Tax Deduction Calculator – available to taxpayers for filing 2012 income tax returns. The data enables the IRS to list the average amount of sales tax – according to income and family size – that should be paid in each jurisdiction. These average amounts represent a "standard market basket" of consumer expenditures.
Taxpayers relying on these IRS tables can conveniently determine whether to deduct their state and local sales tax versus their state and local income tax – without having to save all their receipts throughout the year to tally sales tax that was actually paid.
In addition to providing data for the Sales Tax Deduction Calculator, CCH is also supplying the IRS with data related to the taxability rules for more than 500 Bureau of Labor Statistics spending categories.
For More Information
To learn more about CCH's sales tax calculation capabilities offered through its CorpSystem® Solutions, please contact a CCH sales representative at 1-866-513-CORP (1-866-513-2677). More information is also available by visiting CCHGroup.com/CorpSystem.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
SOURCE CCH, a Wolters Kluwer business