Massachusetts Issues Draft Guidance on POS Transaction Recordkeeping
What’s the News?
The Massachusetts Department of Revenue recently issued a draft directive setting out what records must be kept for all vendors, retailers, and contractors using computerized point-of-sale (POS) systems. The purpose of the new recordkeeping and record retention guidelines is to ensure that the state can suitably verify what was sold and whether the retailer paid the proper amount of tax. These new guidelines add to the growing list of state regulations targeting POS data collection practices. Any retailers with a presence in Massachusetts may be affected by implementation of the directive and should carefully review the guidance to ensure that their POS systems conform to the requirements.
* This article was published in Fashion Counsel. To read the full article, click here.