Utilizing Sales Tax Automation & Minimizing Audit Risk Self-Study Webinar(1.5 Hours)

Utilizing Sales Tax Automation & Minimizing Audit Risk Self-Study Webinar(1.5 Hours)

CPE Credit: 1.5 Hours

Price: $60.00

NASBA Field of Study: Taxes



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.


•  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.  
  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