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On 1st January 2021 we saw a range of updates to the US sales tax regimes, affecting foreign retailers and marketplaces selling to consumers. In this 8-hour CPE session, you will gain basic understanding about Sales tax and Use tax, how to determine nexus to the state, different categories of product and services which are subject to sales tax. It will lead you to the Sales tax audit process, Responsibility of contractures towards sales tax including sales tax liabilities of manufactures and other service providers and procedure of getting refund from the federal government. The CE course is divided into 4 sessions:
Session 1 - Introduction to sales tax and determining its nexus
Sales & Use tax is a type of gross receipts tax imposed by most states on the sale of “tangible personal property” (such as computers, chairs, car parts, furniture, etc.) and certain services (such as information services, software services, etc.). Every state has a different set of rules that controls what types of items and services are taxed. Also, every state has different types of exemptions and exclusions from sales tax that favor some businesses and can be costly to others.
Businesses are not required to collect sales or use taxes on behalf of a state unless they have nexus in that state. Doing business in a state can create a connection (nexus) to that state. A business can unknowingly create nexus by having physical property (such as inventory or samples) in a state, an employee (such as a traveling salesperson) in the state, or having agents in the state operating on the company’s behalf (such as repairmen of sales agents.) Any of these activities can create nexus while the business’s main operations take place in another state.
Nexus is the minimum connection or physical presence in a taxing jurisdiction that gives rise to tax payment or tax collection duty.
This online CPE webinar for CPAs covered key topics:
Session 2 - Products and services subject to sales tax and introduction to use tax
Sale Tax depends on three main factors: your nexus (or which states you have a connection with - you are only liable to pay tax in states that you have a connection with), the products or services in your product catalog (different tax rates apply to different products) and when you are exempt from taxes (this can differ from state to state as well).
Most business owners are unaware that even if you believe you are not required to collect sales tax, proper exemption paperwork from their customers should still be obtained Also, most business owners are completely unaware of USE TAX being due on their nontaxable sales.
To prevent out-of-state sellers from having a competitive advantage over in-state sellers, all states (that have a sales tax) impose a “use tax” on in-state purchasers. This use tax requires all purchasers (individuals and businesses) to pay use tax on any item normally subject to sales tax unless the applicable sales tax has already been paid.
This Online CPE Webinar covers the following Key Topics:
Session 3 - Understanding sales tax audit process and contractors' sales tax responsibility
The purpose of a Sales Tax Audit is to determine if the taxpayer is paying the correct amount of sales tax to the State. The audit is used to promote compliance with tax laws, and as a means of increasing state revenue. As part of the ordinary course of business, most companies eventually will undergo a sales and use tax audit.
In this online CPE session, we will also discuss the sales tax responsibility of contractors as contractors are generally not resellers of materials incorporated into the real property; they are considered users and consumers of materials purchased for a job. However, the type of contract can change the tax implications.
Key topics covered in this CPE session:
Session 4 - Sales tax liabilities of manufacturers and other service providers and means of getting sales tax refund
The manufacturing industry is an enormous sector in the United States as it provides jobs and boosts the economy, but are you aware of the varying Sales Tax Laws that come along with being a manufacturer? Most states provide some kind of sales tax exemptions to manufacturers. Raw materials, machinery and equipment, and wrapping and packaging are common sales tax exemptions for manufacturers. Often, you may be eligible for a refund of sales or use tax. If you overpaid sales tax on a purchase, paid sales, and use tax in error, or collected, reported, and remitted sales tax but then repaid it to your customers, then you may be eligible for a refund of sales or use tax. To apply for a sales or use tax refund it is important that you use the right form, have all the correct documents to support your refund claim, and know where and when to send your claim.
Major question that will be answered in this online CPE session
Accounting Manager, Sales Tax Defense LLC
Mark L. Stone is the Managing Partner of Sales Tax Defense LLC. He founded the firm in 2008. The firm specializes in Sales, Use and Transaction Taxes. Services include sales and use tax consulting, audit defense, settlement negotiation, and preparing and filing sales tax returns in multiple states. He represents companies and individuals before state taxing authorities and through the appeals process. Mark has testified as an expert witness in sales and use tax court cases as well as assisted attorneys and other accountants in their representation of clients in criminal investigations.
Mark began his career as a sales tax auditor for the New York State Department of Taxation and Finance. After gaining experience working for the State, he moved on to work at several prominent accounting firms such as Raich Ende Malter LLP and The Marcum Group LLP. In 2008, he decided to open his own firm solely focusing on sales and use tax. During this time, he was also an adjunct graduate school professor at Long Island University C.W. Post Campus.
Mark has written articles in several publications such as Long Island Business News, New York State Society of CPAs Nassau Chapter Newsletter, Daily News, and Long Island Pulse Magazine.
He is a frequent speaker for different organizations and has spoken for the New York State Society of CPAs, the Nassau County Bar Association, the Suffolk County Bar Association, as well as for various accounting firms and businesses.
Duration
Course Level
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Pre-requisites
Advance Preparation
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
101 Ratings
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39
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SM
Jan 18th, 2023
This was a great class to understand Sales and Use tax especially in an age with online sales and economic nexus. This class made it simple to understand the sales and use tax process.
PH
Mar 4th, 2022
While touching just enough on Nexus, this was a great introduction or reminder of the importance of sales tax and use tax reporting for all financial executives.
JC
May 6th, 2022
Very informative
SK
Dec 30th, 2021
My only problem with this Webinar was that it was very repetitive. Maybe it was because he obviously filmed on different days so he thought he had to repeat a bunch of things.
MV
Jan 10th, 2022
There were some technical difficulties that took longer than I had hoped to repair but the instructor and curriculum is exactly what I needed.
8 Credits
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This course is set to be rescheduled shortly. Please fill out the short form below, and we'll let you know as soon as the course becomes available
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A: Yes, myCPE meets global Continuing Professional Development (CPD-IES7) standards for various accounting and financial professions. Confirm with your licensing organization if needed.
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A: You can manage them through your certificate dashboard when logged into your account.
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A: Yes, myCPE is accredited by various professional organizations, making it suitable for fulfilling continuing education requirements.
9. Who can take myCPE courses?
A: myCPE courses are suitable for professionals with 100+ designations, including CPAs, CMAs, CFAs, and more.
10. What's the refund and complaint resolution policy?
A: To learn about the refund and complaint resolution policy, click here for details.
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