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Mother's Day Spending HabitsWith Mother's Day nearly upon us, consumers will spend an estimated $23.1 billion this year on Mother's Day gifts and celebration, according to the National Retail Federation. Individuals will spend the week rushing out to find that perfect gift for Mom, but what are the sales tax implications for businesses? It depends. "Mother's Day can be a major source of revenue for retailers but businesses should be mindful of the various state and local taxes and prepare accordingly," said James Paterson, Vice President & General Manager, Corporate Indirect Segment, Wolters Kluwer Tax & Accounting North America. "A variety of factors can impact sales taxes, including the type of gift being purchased, where the retailer is located and where the consumer resides." Wolters Kluwer reviewed popular Mother's Day gifts against sales taxes to identify which products will make Mother's Day purchases bitter or sweet for businesses. Below are some key findings with additional insights found in the CCH (News - Alert)® Sales Tax Mother's Day infographic.
About Wolters Kluwer Wolters Kluwer is a global leader in professional information, software solutions, and services for the health, tax & accounting, finance, risk & compliance, and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY). For more information about our solutions and organization, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube (News - Alert).
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