States Eye Plans for Accelerated Sales Tax Collection (Podcast)

For decades retailers have held onto the sales taxes they collect from consumers for weeks before sending those funds to state revenue agencies.

States are becoming increasingly impatient with this process. Some are pushing for accelerated collection schedules and a few are even talking about real-time sales tax compliance strategies.

Massachusetts Gov. Charlie Baker (R) has long highlighted accelerated compliance as a way to realize revenue faster and reduce opportunities for tax evasion. On April 1 the Bay State launched an advance payment tax program that shortens the remittance period. Longer term, Baker is recommending a requirement that third-party ...