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Dec 19, 2024

What are the key compliance steps when acquiring and registering a business for sales tax in Massachusetts?

Ready to automate your sales tax?

Ready to automate your sales tax?

Ready to automate your sales tax?

When acquiring and registering a business for sales tax in Massachusetts, key compliance steps include: 1. Obtain a Federal Employer Identification Number (FEIN): Apply through the IRS website. 2. Register via MassTaxConnect: Create an account and complete the Sales and Use Tax Registration form with detailed business information. 3. Secure a Sales Tax Permit: Receive the Sales and Use Tax Registration Certificate upon approval. 4. Update Tax Accounts: Ensure the Massachusetts Department of Revenue reflects the change in ownership. 5. Collect and Remit Sales Tax: Start collecting sales tax on taxable transactions and remit through MassTaxConnect. 6. Maintain Records: Keep accurate records of all sales, taxes collected, and exemptions claimed. 7. Update Licenses: Renew or update any business licenses affected by the acquisition. 8. Consult Professionals: Engage with tax advisors to navigate complex compliance requirements and ensure all steps are properly executed.

Ready to automate your sales tax?

Ready to automate your sales tax?

Ready to automate your sales tax?

Ready to automate your sales tax?