MCMINNVILLE, Ore., Aug. 25, 2020 /PRNewswire/ -- Businesses reporting sales and use tax in Colorado face one of the most complex sales and use tax systems in the country. There are more than 700 individual taxing districts, many with their own sales and use tax rates and added to that, local governments apply sales tax to goods and services ("taxability rules") differently from the state.
This morass of sales tax rules can result in businesses located right next to one another in the same zip code having to apply different tax rates and rules. The Colorado's Sales and Use Tax Software (SUTS) task force set out to find a software system that would cut through this minefield of complex rules and make it easy to get accurate information on tax rates and taxability rules for over 300 goods and services.
After exploring many options, the task force chose to engage The Tax Research Company (TTR) to build this system. The system also needed to be accessible by state and local governments to facilitate updates in real time. From a tax data perspective, as sales taxes change due to the passage of new laws, each jurisdiction is responsible for updating their local tax information. A detailed user agreement has been put in place for self-collecting jurisdictions, and users will be held harmless for incorrect data, as DOR has certified TTR as an official 'source-of-truth' database of sales and use tax information.
TTR's Sales and Use Tax Geographic Information System (GIS) For over a decade, TTR has worked to build a nationwide sales and use tax Geographic Information System (GIS) capable of providing accurate sales and use tax rates for every location in the US – accurate to any given latitude and longitude. Layered on top of this solution is TTR's taxability content. TTR maintains the most comprehensive set of taxability rules available anywhere. The depth of TTR's content, combined with its state-of-the-art GIS tax rate solution was a perfect fit for Colorado. The system also provides up-to-date tax rates and accurate taxability rules (whether something is taxable or exempt) through a web portal as well as an API. The web portal can be accessed here: https://colorado.ttr.services/
About TTR TTR, The Tax Research Company, provides everything sales, use, and transaction tax related. Access to tax laws, a best in class research system, the most accurate tax rates and taxability rules available anywhere; with 8,000 companies and counting, TTR has become a "best practice" in the area of sales, use, and transaction tax. TTR also provides software solutions for companies and governments. TTR's revolutionary Artificial Intelligence Enabled Exemption Certificate Management System (ECMS) and proprietary nationwide GIS Tax Rate System allow businesses and governments to Get Tax Right. To learn more, visit www.ttrus.com.