Vertex Inc., the leading provider of corporate enterprise tax solutions and services, today announced the launch of Vertex Indirect Tax for Hospitality, featuring its flagship transaction tax software product, Vertex Indirect Tax O Series.
With Vertex centralizing the complex rates and rules governing lodging and occupancy taxes for the first time, this debut offering isn’t just a Vertex first, but an industry first as well. It represents the only solution capable of managing all of the lodging and occupancy tax data for the entire United States from an enterprise tax management platform.
Accurately calculating lodging and occupancy taxes can place significant burdens on online travel companies (OTCs) and brick-and-mortar lodging establishments. Until now, no single solution could provide the rules, rates, calculation technology and returns processing to manage this tax information at an enterprise level. Businesses have been challenged to stay on top of changes in tax rules, often leading to inaccuracies in tax calculations and resulting in interest and penalties. An uptick in recent litigation over lodging and occupancy taxes has made it more important than ever for lodging companies to appropriately track taxes.
“Accurate tax calculation is critical, and the ramifications of non-compliance have never been higher,” said Director of Customer Relationship Development at Vertex Inc., Penny Vennerholm. “Whether you are a bed and breakfast, an online travel agency (OTA) or a large hotel chain, Vertex provides tax professionals a tailored hospitality solution that can accommodate transaction tax calculations accurately.”
The new lodging tax content will enable companies to seamlessly calculate all of the following:
Hotel occupancy taxes and transient occupancy fees for every unique jurisdiction in the United States.
State, county, city and district sales taxes, where applicable to lodging stays.
Exemptions based on customer characteristics such as permanent resident, as well as facility characteristics such as number of rooms or type of facility.
Taxation of hotel imposed fees, such as resort fees.
As part of the new hospitality solution, Vertex also offers an end-to-end solution for food and beverage tax compliance – from rates and rules to calculation and returns.
“The introduction of our lodging content complements our food and beverage offering, providing customers with a comprehensive solution that makes multi-state tax compliance a much more efficient process for companies in the hospitality sector,” added Vennerholm.
Since 1978, Vertex, Inc., has been a leading provider of tax technology and services, enabling companies of all sizes to realize the full strategic potential of the tax function by automating and integrating tax processes, while leveraging advanced and predictive analytics of tax data. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for every major line of tax, including income, sales and consumer use, value added and payroll. Headquartered in Pennsylvania, and with offices worldwide, Vertex is a privately held company that employs over 900 professionals and serves companies across the globe.