Sales Tax Audits: Managing the Process & Minimizing Risk Self-Study Webinar (3 Hours)

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 self-study 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
     

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

• Identify the effect of economic nexus on physical presence nexus

• Recognize current economic nexus state trends

• Recognize typical characteristics of voluntary disclosure agreements

• Recognize the first step in developing a sales tax decision matrix

• Identify the factors that should be addressed in automated sales and use tax systems

• Identify the implications of missing, incomplete, or invalid sales tax certificates

• Recognize sales tax audit best practices

Bottom
Price: 
$69.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
3.00
NASBA Field of Study: 
Taxes