Good morning all,
I wanted to reach out and get a better understanding for tax exempt. Currently working with a supplier and as time progresses it's my understanding tax exempt for many states is cracking down. Honestly I do not fully understand the whole tax exempt thing. I file forms with certain states including my own. This absolves me from paying state taxes to my supplier. However in turn I am required to pay taxes collected from my sales to the perspective state?
How does one keep track of all this? Does my supplier report to the IRS a certain amount?
Any and all clarification would be greatly appreciated. Trying to find these answers on google wasn't clear.