Overview:
Sales tax audits present tremendous anxiety for companies. Sales tax compliance processes, if existent at all, are typically an afterthought, pieced together in reaction to issues as they arise. Add to this the fact that auditors, unaware of your industry or company, are trained to be suspicious, and you have a recipe for disaster if not planned for and managed properly. In this webinar, we will discuss:
- The impact of South Dakota v. Wayfair
- Sales tax compliance obligations for sellers
- Documenting transactions to create an audit trail
- Managing information flow
Objective:
To keep tax professionals up-to-date with best practices for avoiding—and preparing for—a sales tax audit, as well as establishing sales tax compliance protocols.
Emphasis:
-
Fundamentals of Nexus
- What is nexus?
- Physical presence
- Which states have economic
nexus?
- General concepts -
Establishing Protocol with an Audit Trail
- Requirements
- Available systems
- Exemption certificate
management
- Registering to file sales and use
taxes
- Provide resale certifcates,
particularly on drop-shipment
transactions
- Maintain nexus and processes
- Self-auditing -
Audit Best Practices
- Economic threshold post-
Wayfair
- Respond to nexus questionnaire
- Understand why you're being
audited
- initial meeting and importance of
a plan
- Waiver of statute of limitations
- Appeals
- Remedial efforts
- The case for sales tax
automation
- Common audit issues - Sampling
-
Appeals