Billing and Tax Reporting - Sales Glossary - Upnify
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Billing and Tax Reporting

1. Internal Revenue Service (IRS): The IRS is the federal agency responsible for tax collection in the United States. It provides guidelines and forms for tax filing, including individual and corporate tax returns.

2. Electronic Federal Tax Payment System (EFTPS): EFTPS is an electronic system that allows U.S. taxpayers to securely make federal tax payments online.

3. Electronic Data Interchange (EDI): EDI is a standard used in electronic data communication for business, including electronic billing between companies.

4. Billing and Accounting Software: In the United States, businesses use billing and accounting software to generate invoices and keep track of their financial transactions. There are various software options available in the market.

5. Electronic Tax Forms: The IRS allows electronic filing of tax returns through its e-file system. Taxpayers and businesses can electronically file individual and corporate tax returns.

If you are operating a business in the United States, it is important to become familiar with the tax regulations and the billing and tax reporting systems specific to this country to comply with the corresponding tax obligations.

The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.