Sales Tax Strategies during the Economic Disruption of the COVID-19 Outbreak Self-Study Webinar (2.5 Hours)

Overview: 

As we adjust to working from home and social distancing, the economy struggles to adapt to dramatic changes in business and consumer spending. For the purposes of this self-study webinar, we will discuss the impact on state tax revenue collections, and what states are doing to address the issue. We’ll also consider proactive measures companies should be taking now to enhance sales tax compliance processes, and minimize risks and liabilities. Topics include:

  • States efforts to pursue declining sales tax revenues
  • Monitoring sales under new economic nexus standards
  • Taxation of new services and digital goods
  • Sales tax automation in minimizing audit risk
Objective: 

To show how states are dealing with reduced sales tax revenue during the COVID-19 crisis, and offer proactive guidance for businesses to maximize sales tax compliance and minimize risk.

Emphasis: 
  • Ongoing efforts by states to pursue sales tax revenues as they decline
  • The importance of monitoring sales under the new economic nexus standards
  • Forecast for taxing new services and digital goods
  • The role sales tax automation can play in minimizing audit risk

Recognize the overall effect of the COVID-19 pandemic on state resources

Identify the role of sales and gross receipts taxes on state tax revenue in the last 10 years

Identify the common posture of the states as they contemplate additional revenue streams

Recognize the additional revenue streams states are most hesitant to utilize

Identify the trend among states regarding determining the existence of nexus prior to Wayfair

Identify the most recent evolution in nexus/taxing authority via the Wayfair decision

Recognize the continuing role of physical presence in determining state nexus

Identify the complications inherent within state tax legislation imposing sales tax on digital goods and services

Recognize the role of automation in managing sales tax

Recognize the first step in developing a sales tax decision matrix
 

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Price: 
$129.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
2.50
NASBA Field of Study: 
Taxes