This training program will explore the origins of the sales and use tax, explore how and when it applies, and discuss ways to legally minimize (or even eliminate) liability. Sales and use tax is among the most complex areas of compliance for accounting professionals. Given that each state regulates the tax in its own way, companies that operate in multiple states have a detailed (and sometimes costly) compliance burden. Additionally, the use tax is often misunderstood, misapplied, and overpaid. Best practices for dealing with a sales tax audit will also be explored in the webinar.
WHY SHOULD YOU ATTEND?
Most companies do not have a good handle on the sales and use tax compliance requirements in the states where they do business. States are becoming increasingly complex as to what constitutes a “substantial business presence” and therefore, the need to register and remit sales tax. Use tax is an even more complex area, and compliance is around 20%. The ultimate weapon states have at their disposal is the sales and use tax audit, which consumes staff time and resources. State auditors can sometimes be aggressive, even when no liability is ultimately proven.
AREA COVERED
- The Origin of the Sales and Use Tax
- Nexus - Determining Whether You Should Register in a Given State for Sales Tax Purposes
- The Use Tax - Cost Basis and Ensuring You Don’t Overpay
- Reciprocity Agreements - How States Give You Credit for Taxes Paid to Another State
- The Sales and Use Tax Audit - Don’t Panic…..Be Prepared!
- The “Absorption” Concept - How to Use the Sales Tax as a Competitive Pricing Tool (Where Legal)
- How Your Advertising Expenses Can Inadvertently Cause You to Owe Sales Tax!
- Sales and Use Tax Best Practices
LEARNING OBJECTIVES
This webinar will:
- Cover the essentials you need to know as an accounts payable professional responsible for collecting and remitting sales and use tax.
- Detail the lesser-known scenarios that cause many states to determine that you need to register and remit sales tax.
- Describe how best to measure cost basis for the use tax so that your company does not overpay.
- Discuss how best to handle a sales and use tax audit so that you’re fully prepared, and able to minimize staff time and resources.
- Discuss the concept of reciprocity and how you can use it to minimize (or even eliminate) use tax liability.
WHO WILL BENEFIT?
- Tax Managers
- CFOs
- Controllers
- Accounting Managers
- Auditors
- Compliance Managers
- Risk Managers
Most companies do not have a good handle on the sales and use tax compliance requirements in the states where they do business. States are becoming increasingly complex as to what constitutes a “substantial business presence” and therefore, the need to register and remit sales tax. Use tax is an even more complex area, and compliance is around 20%. The ultimate weapon states have at their disposal is the sales and use tax audit, which consumes staff time and resources. State auditors can sometimes be aggressive, even when no liability is ultimately proven.
- The Origin of the Sales and Use Tax
- Nexus - Determining Whether You Should Register in a Given State for Sales Tax Purposes
- The Use Tax - Cost Basis and Ensuring You Don’t Overpay
- Reciprocity Agreements - How States Give You Credit for Taxes Paid to Another State
- The Sales and Use Tax Audit - Don’t Panic…..Be Prepared!
- The “Absorption” Concept - How to Use the Sales Tax as a Competitive Pricing Tool (Where Legal)
- How Your Advertising Expenses Can Inadvertently Cause You to Owe Sales Tax!
- Sales and Use Tax Best Practices
This webinar will:
- Cover the essentials you need to know as an accounts payable professional responsible for collecting and remitting sales and use tax.
- Detail the lesser-known scenarios that cause many states to determine that you need to register and remit sales tax.
- Describe how best to measure cost basis for the use tax so that your company does not overpay.
- Discuss how best to handle a sales and use tax audit so that you’re fully prepared, and able to minimize staff time and resources.
- Discuss the concept of reciprocity and how you can use it to minimize (or even eliminate) use tax liability.
- Tax Managers
- CFOs
- Controllers
- Accounting Managers
- Auditors
- Compliance Managers
- Risk Managers
Speaker Profile
Scott Transue is an Enrolled Agent with the IRS, licensed to represent taxpayers in all 50 states. He is an award-winning speaker and trainer on taxation and debt collection. He is also a QuickBooks ProAdvisor. He has presented seminars on accounting topics throughout the country and coached over 3,000 people in improving their entity’s performance. He is a Remote Tax Advisor for TurboTax. He holds a Masters in Accounting from Walden University and Master of Public Administration degree from the State University of New York at Albany. His professional career has included time as commissioner of finance for the city …
Upcoming Webinars
Predictive Accounting: Driver-Based Budgeting And Rolling F…
Pay Equity Changes for 2024! What Employers Need to Know to…
Leader Branding: How to Communicate with Confidence to Attr…
Project Management for Non-Project Managers - How to commun…
Data Integrity and Privacy: Compliance with 21 CFR Part 11,…
Design Verification, Validation and Testing for Medical Dev…
FFIEC BSA/AML Examination Manual: What Compliance Officers …
Why EBITDA Doesn't Spell Cash Flow and What Does
Harassment, Bullying, Gossip, Confrontational and Disruptiv…
How to Survive an Emotionally Toxic Workplace
Employee or Independent Contractor – U.S DOL Announces 2024…
Ensuring Safe and Effective Pharmaceutical Products: A Comp…
Best Practices in Complaint Management for Regulatory Compl…
Human Factors Usability Studies Following ISO 62366 and FDA…
Gossip-Free: Leadership Techniques to Quell Office Chatter
Updated Metro 2®, e-OSCAR and the New Tougher FCRA/CFPB Com…
Form W-9 Compliance to Avoid Penalties: TIN Verification, B…
Tattoos, hijabs, piercings, and pink hair: The challenges …
Embracing Diversity and Inclusion in Talent Acquisition
Understanding and Analyzing Financial Statements
Divorce, Adoption and Other Special Tax Topics
Design History File (DHF), the Device Master Record (DMR) a…
With Mandatory Paid Leave Gaining Ground Is It Time To Do A…
Setting up Quality System for FDA Regulated Products: Tips …
Is Your Culture Working For or Against Your Success? If You…
Marketing to Medicare or Medicaid Beneficiaries - What You …
The Five Cs Of Commercial Credit: The Basic Elements Of Cre…
Sunshine Act Reporting - Clarification for Clinical Research
Documenting Misconduct that Will Stand Up in Court
Stress, Change And Team Resilience Through Humor: An Intera…
Managing Toxic & Other Employees Who have Attitude Issues
FDA Regulation of Artificial Intelligence/ Machine Learning
Excel - Lists and Tables - A Beginner's Guide to Managing L…
Pharma 4.0: Next Generation Technology Approach to GxP Prod…
Patient Gifts, Discounts and Freebies: What You Can and Can…
Managing Complex Projects - Project Management
All About Civility - Eliminating a Culture of Gossip Rumors…
From Challenges to Compliance: Understanding Dietary Supple…
Improving Employee Engagement & Retention Through Stay Inte…
How To Conduct An Internal Harassment And Bullying Investig…
The Anti-Kickback Statute: Enforcement and Recent Updates
Bootcamp for New Managers and Supervisors: Avoid These 7 Mi…
Do's and Don'ts of Documenting Employee Behaviour, Performa…