Overview
In this timely and insightful self-study webinar, preeminent tax experts will discuss the key components of and considerations for sales tax matrix and automation, and outline audit practices designed to effectively minimize risk. Areas covered include the Tax Decision Matrix, sales and use tax compliance software, Exemption Certificate Management, and audit best practices.
AGENDA HIGHLIGHTS
• Sales Tax Matrix & Automation
– What is a Tax Decision Matrix?
– Sales and use tax compliance software and requirements
• Sales Tax Decision Matrix
– How to go about it?
– How do you define your products?
– What does your company’s documentation say to the taxing authorities about what you are selling?
– Define each product and service
– Create tax buckets or tax categories
– Research each category for states in which you have nexus/register
– Seek clarity—informal or formal—where there is risk/uncertainty
• The Case for Sales Tax Automation
– Manual compliance—pros vs. cons
– Automation—pros vs. cons
– Traps for the unwary
• Exemption Certificate Management and Software
– How to manage multistate rules and process
– What systems are available
• Audit Best Practices
– Should you receive a nexus questionnaire
– Should you receive an audit notice
– Sales tax audits
– Audit process only begins with a notice of intent to audit
– Audit actually began 3-4 years ago
– Pre-audit: audit thyself!
– Initial meeting and workplan: set the tone
– Waiver of Statute of Limitations
– Appeals
– Remedial efforts
– Common audit issues
LEARNING OBJECTIVE To provide accounting and tax professionals with expert guidance on utilizing sales tax automation, and
minimizing audit risk in a Post-Wayfair world.
PREREQUISITE Working knowledge of state and local sales tax. ADVANCE PREPARATION None. PROGRAM LEVEL Overview.
NASBA FIELD OF STUDY Taxes. DELIVERY METHOD Self-Study.
Detailed Learning Objectives
• Recognize the steps in developing a sales tax decision matrix
• Recognize the characteristics of a sales tax decision matrix
• Identify the role of automation and software in sales and use tax compliance
• Recognize the implications of missing, incomplete, or invalid certificates
• Identify the nexus implications of state legislatures attempting to balance budgets
• Identify common state sales and use tax audit issues