Comprehensive Sales & Use Tax Overview with Latest Update

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CVA
  • EA
  • ORTP
  • MRTP
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

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: 

  • What is nexus? 
  • How does point of delivery affect nexus? 
  • What are the next steps after you have determined if you have nexus?


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:

  • How is tangible personal property, intangible property, and real property taxed? 
  • What is use tax? 
  • What is my responsibility with use tax? 
  • Are there penalties for not paying use tax?  


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: 

  • What is the audit process?  
  • What is my responsibility for keeping books and records? 
  • Does the government abate penalties? 
  • Who is a contractor? 
  • When does a contractor need to charge sales tax?
  • What exemption certificates does the contractor need? 


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

  • What is a manufacturer? 
  • What special exemptions apply to a manufacturer? 
  • What special exemptions apply to research and development? 
  • Can I get a sales tax refund? 
  • What looks back period is eligible for a refund?  
  • Does the state pay me interest on my refund?

Learning Objectives

  • To discuss who is responsible for paying Sales Tax
  • To discuss the Sales Tax Return filing jurisdictions
  • To discuss nexus and the related filing requirements.
  • To examine the taxability of various products and services
  • To discuss who is responsible for paying Use Tax
  • To explain how to compute and pay Use Tax
  • To provide a basic understanding of the Sales Tax Audit Process
  • To discuss a taxpayer’s responsibilities during a sales tax audit
  • To explain who the government defines as a contractor
  • To discuss the sales tax responsibilities of contractors 
  • To identify the sales tax responsibilities of a manufacturer 
  • To discuss various types of service businesses and how various exemptions apply to each of them 
  • To discuss the conditions for eligibility for sales tax refund
  • To discuss specific service industries and the areas where they can potentially receive a sales tax refund

Recommended For

This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, Tax Managers and Directors, and Other Tax Professionals desiring to have a complete knowledge about sales and use tax with the lates tax updates.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers
  • Business Owner
  • California Registered Tax Professional
  • CEO
  • CPA in Business
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros

Course Qualification

Webinar Qualifies For

  • 8 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-U-00603-21-O)
  • 8 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-U-00603-21-O)
  • 8 CPE Credit for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Certified Fraud Examiner (CFE)
  • 8 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0577)
  • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 8 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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.

NASBA APPROVED

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.

CTEC APPROVED

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.

Presenter

About Presenter

Mark Stone

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. 

About Company

Sales Tax Defense LLC

www.salestaxdefense.com/

Sales Tax Defense LLC is a boutique tax-consulting firm that only provides sales, use, and transaction tax advice. We are a dedicated team committed to helping accountants, attorneys, fellow professionals, businesses, and their clients understand and comply with the sales and use tax laws. When there is a sales tax problem, we work to quickly and cost effectively resolve the sales and use tax issue, and then provide guidance to help avoid similar problems in the future. When we are engaged or referred by a fellow professional, we respect the relationship that they have with their client. We work only to resolve the sales tax issue and return the client to that professional with an enhanced sense of confidence in them.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.4

29 Ratings

Excellent

15

Very Good

10

Average

4

Poor

0

Terrible

0

PH

Philip Hasel, CPA (US)

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

Juli Comeaux, CPA (US)

May 6th, 2022

Very informative

SK

Sherry King, EA

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

Monica Vasquez, EA

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.

RC

Rachel Cua, CPA (US)

Jun 16th, 2022

Throughout the 8 hours of the Webcast, a good portion of the sessions were repeat materials in every single chapter, every single hour. Too much time was spent on repeated slides, concepts, and examples. This course should be revisited to either reduce the amount of time and limit the repeat topics/concepts or if at 8 hours, then the materials should be new, different, or in addition to what was previously presented in earlier chapters/sessions.

Comprehensive Sales & Use Tax Overview with Latest Update

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8 Credits

Subject Area

Taxes

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