Sonya Daniels, Manager at CBIZ MHM Memphis, was
featured in a recent article published by AccountingToday about
the discussion of sales tax holidays.
decided to cancel its sales tax holiday this year, many began to believe this
will become a trend in the upcoming years.
Daniels explains that a state
depends heavily on sales taxes for revenue, and canceling the sales tax holiday
is a way to counter budget deficits.
For 2016, 17
states are offering sales tax holidays, including Tennessee. “From the end of
July through early September, what they’re running basically is
back-to-school,” said Daniels.
Daniels, wonder how many states will continue with the tax free holidays. “A
lot of states are talking about the loss of revenues during that time,” she
said. With the ability for consumers to also get the tax exemption online,
there’s an even greater loss for the states.
But there is
a helpful hint for those trying to navigate the waters. There are often good
sales leading up to the tax holidays, and Daniels urges you to keep your eye in
the paper during that time.
For questions about sales tax, contact Sonya
Daniels at email@example.com or 901-685-5575.