|By Marketwired .||
|January 21, 2014 03:00 PM EST||
MCMINNVILLE, OR -- (Marketwired) -- 01/21/14 -- Transaction Tax Resources is pleased to announce its assistance to the Colorado Department of Revenue (the "Department") in establishing a uniform sales and use tax base throughout the state.
Faced with nearly 300 taxing authorities with different tax rules and rates, Colorado has set to work to reduce the complexity of its existing tax structure and reduce the burden on those doing business in the state. The Colorado legislature tasked the Department with providing recommendations to achieve a uniform sales and use tax base. The Department collected information from each home rule municipality indicating whether the locality taxes or exempts items that are exempted from the state's sales tax base.
TTR was commissioned to assist Colorado in verifying the validity of the data collected, which would have been an impossible task for any other tax research provider given the DOR deadlines. This was a formidable task given the Department's tight deadline. TTR was able to analyze each home rule municipality's data, compare it to the state's sales tax base using TTR's existing online tax matrix, develop a local sales tax matrix, and deliver that local matrix to the Department in record time.
Here is how the Department described TTR's role in a document to be submitted to the Colorado Governor, President of the Senate, and Senate Majority Leader:
"Once data was gathered, a third party, TTR, was commissioned to assist in verifying the validity of the data. This effort was a monumental task undertaken in a very short time frame by TTR. This company undertook this effort to develop Colorado's local sales tax matrix to further refine their commercially available sales tax compliance product. They did so at no cost to the State and under the Department's deadlines."
Additionally, a Department official had this to say about TTR's assistance:
"As a state official, I could only imagine the value TTR provides to its clients. TTR has helped us tremendously in the past few months in determining the taxability of various items across our state. Without their help, we would have spent thousands of hours in creating the tax matrix they provided for us. I looking forward to our continued work with TTR, as they truly are the best at what they do."
TTR is the industry leader in providing accurate, current, supported and easy to find sales and use tax answers. Headquartered in McMinnville, Oregon, TTR maintains nearly 250,000 tax items and over 5.5 million tax answers across all states. This is the first ever online solution for quickly finding sales and use tax answers, with full legal support, images, plain English explanations, tax answer updates -- not just notifications of when laws change, and world class customer support.
For More Information
Learn how TTR can turn every 5-10 hours of costly research time into a 1-2 minute tax answer. Please visit www.ttrus.com or call 866.578.8193.