Group 1 Software, a customer relationship management-enabling software provider, yesterday announced major enhancements to its GeoTAX tax jurisdiction assignment solution.
GeoTAX is a suite of tools that standardizes addresses and appends accurate state, county, municipal place and special tax jurisdiction information to customer address records.
It now lets users match address data against a database of all known postal and non-postal street addresses as required by recent state and federal tax legislation. GeoTAX users also now can match address records against commercially available street files and organizations' internal files.
In addition, GeoTAX now contains a new auxiliary file matcher that lets businesses create their own street-level address file if users have access to information more current than what is in the GeoTAX database, which is updated quarterly. With the auxiliary file matcher, users can respond to tax jurisdiction changes in the timeliest manner.
With tax jurisdictions constantly changing and new tax jurisdiction assignment requirements mandated by federal and state laws, the potential liability from inaccurate tax assignment poses a problem.
To give businesses accurate address information for tax jurisdiction assignment, GeoTAX incorporates exclusive access to the most current taxation boundary files through a database that continually tracks and updates taxation boundary files nationwide. With respect to tax jurisdictions, verifying address information and determining positional accuracy are operational requirements for businesses in industries such as telecommunications, utilities, leasing and retail.
“Group 1's GeoTAX solution is of great value in helping us accurately assign customers to taxing jurisdictions, something that is often quite challenging due to continually changing boundaries,” said Linda Fisher, director of tax, AT&T Wireless Services. “Among the significant product enhancements, we anticipate receiving significant benefits from the ability to comply more easily with recently passed legislation regarding telecommunications taxation.”