Sales & Use Taxes: A Practical Approach Webinar (7.5 Hours)

Overview: 

Get practical guidance on identifying and documenting taxable transactions, as well as proactive tips for avoiding--and handling--audits. Gain insights on Economic Nexus, Agency Nexus, Click-Through Nexus, and Affiliate Nexus, plus explore the impact of South Dakota v. Wayfair on out-of-state purchases. Get updates on drop shipping, the Streamlined Sales Tax Project, the sales tax treatment of digital goods and services, not to mention the importance of utilizing specialized software and cloud computing. Using detailed examples and case studies, a seasoned tax professional will walk you through The Seven Pillars of a Successful Sales Tax Strategy, including:

  • Nexus
  • Taxability
  • Rates & Sourcing
  • Use Tax
  • Exemptions
  • Registrations & Voluntary Disclosure Agreements (VDAs)
  • Returns

 

Objective: 

To provide tax professionals with a working knowledge of sales and use taxes as they apply across the US, as well as an overview of remote sales tax rules in the aftermath of South Dakota v. Wayfair.

Emphasis: 
  •  Nexus
     - Relevant court cases, including
       South Dakota v. Wayfair
     - Economic Nexus threshold
     - Prospective enforcement
     - Physical presence vs. virtual
       office
     - Third-Party Nexus
        - Click-through or affiliate
          Nexus
        - Reporting requirements
        - Downloaded software
  • Taxability
     - Tangible Personal Property
        (TPP)
     - Digital property
     - Shipping and handling
     - Cloud computing and SaaS
  • Rates & Sourcing
    - What rate should you use?
    - Origin vs. destination sourcing
    - Exceptions to ship-to address
    - Common vs. private carrier
  • Use Tax
    - Accrual process
  • Registrations, VDAs & Amnesties
    - How do you respond to an
      audit?
    - Materiality
      - Risk tolerance
      - Profit margins
      - Capital reserves
    - Quantifying past liability
    - Prospective registration issues
    - Filing frequencies
    - Streamlined Sales Tax
  • Certificates & Drop Shipping
    - Types of certificates
    - Expiration dates
    - The impact of Wayfair on
       retailers
    - Problems created by drop
      shipping
    - Alternative resale documentation
    - Collecting tax from retailers
    - Best practices for suppliers
    - Sales tax returns
  • Audits
    - Records and documentation
    - Credits and refunds
    - Statute of limitations
    - Protesting or appealing an audit
    - Costly mistakes
    - What document not to give an
      auditor
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Taxes