Avalara to Acquire New Horizons Systems, LLC.Avalara Will Obtain Key Intellectual Property and Enhance Position as the Premier Sales Tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. Management Service BAINBRIDGE ISLAND, Wash. -- Avalara (www.avalara.com), a leading provider of web-hosted sales tax management services Sales Tax Management Service (STMS) is a new phrase that is quickly becoming a standard part of accountants’ workplace and client service vocabularies in the United States. , today announced that it has entered into an exclusive agreement to purchase New Horizons Systems, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a supplier of business geographic and tax jurisdiction assignment software products and data files. By acquiring New Horizons Systems, LLC, Avalara expects to accelerate delivery of next generation services while enhancing its position as the industry's premier accurate sales tax management service provider. Specializing in special tax district geometry, New Horizons Systems is one of only two data providers for geographic tax determination in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Once the acquisition is finalized, Avalara will be the only provider in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. of end-to-end sales tax management services with this level of geographic information system geographic information system (GIS) Computerized system that relates and displays data collected from a geographic entity in the form of a map. The ability of GIS to overlay existing data with new information and display it in colour on a computer screen is used primarily to (GIS) mapping technology. "The data sets provided by New Horizons Systems create geographic boundary files that are consumable using map viewers. By layering shape files for state, county, city and special taxing district boundaries onto a map, business professionals can visually see the intersection of these geographic boundaries and the resulting highly accurate taxing regions," said Rory Rawlings, founder and chief tax automation officer of Avalara. Currently there are more than 12,500 taxing regions within North America, each with a correlating set of tax statutes and regulations, including rates and rules. These taxing regions are the foundation for accurate sales tax calculation and compliance. "Prior to taxing regions, businesses used ZIP codes for determining the appropriate rates and rules to apply to a sales transaction. Designed by the United States Postal Service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval for efficient mail delivery, ZIP codes do not necessarily coincide with jurisdictional boundaries, and therefore only offer an approximate answer," said Rawlings. "With class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax against businesses charging wrong sales tax rates, and more sophisticated audit capabilities by the states and local jurisdictions, there is a demand for solutions with a higher degree of accuracy." "States and taxing authorities have placed a huge burden on businesses with their complex requirements to comply with sales tax legislation," said Steve Kranz, general counsel for the Council On State Taxation (COST). "Historically, the risk of not collecting enough sales tax resulted in penalties once audited. Today, businesses need not only be concerned about audit penalties, but also class action lawsuits. In recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time number of class action lawsuits has been increasing, significantly due to inaccurate assigning of the proper tax rate as well as the proper jurisdictions. Frequently the mistake is in jurisdictional assignment. Providing companies the capability to see on a map that they are correctly assigning the sales transaction to the right taxing jurisdictions is highly valuable and can help to minimize risk." "This acquisition will help facilitate sales tax management software innovation and ensure that AvaTax continues to be the fastest, easiest, most accurate and affordable way for small and mid-sized businesses to manage compulsory sales tax functions," said Scott McFarlane, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Avalara. Both Avalara and New Horizons Systems, LLC are privately held. Financial details of the transaction were not disclosed. The acquisition is expected to be completed in the first fiscal quarter of 2008, subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and customary closing conditions. About Avalara Headquartered on Bainbridge Island near Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. , Avalara is changing the sales tax landscape by delivering innovative and affordable solutions to small and mid-sized businesses. Avalara's mission is to transform the sales tax compliance process by creating cost-effective, state-of-the-art solutions. Avalara does so through integrated, on demand, Web-based services that provide transparent transactions, accurate tax compliance, painless administration and effortless reporting. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. For more information, contact Andrea Anderson, director of marketing at 206-780-7008. |
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