CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

Introduction to Sales and Use Tax Compliance

Miles Hutchinson

Learn Continuously, LLC

Thursday, February 11, 2021 | 02:00 PM EDT

  • CPA
  • EA
  • Tax Preparer
  • CTEC

2 Credits

$50

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00367-20-O)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0368)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00367-20-O)

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00367-20-O)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Sales tax? Use tax? What’s the difference? Must I charge tax on my internet sales? Will I owe taxes in more than one state for the same sale? Why is my drop shipper charging me tax? Why did I receive a NEXUS Questionnaire and what if I don’t respond to it? I just received a notice that I have to conduct a self-audit and report my findings to the state – is this for real? I need help! If you have some of these questions, you are not alone. The sales tax structures have been changing so rapidly and expanding its definition that many of us do not understand many crucial parts of it. This webinar is aimed to help you.

Do you know that over 40% of state budgets are funded by sales tax? They know they are not receiving all the tax dollars they are owed. Yet many companies fail to comply with multi-state registration and collection. Untaxed internet sales have frustrated the states and they are actively lobbying Congress to change the rules. Are you in full compliance?

Key Topics Covered: 

  • Learn the difference between sales and use taxes
  • Distinguish between taxable and non-taxable sales of both goods and services
  • Minimize the tax basis of your sales activities (the states are inconsistent)
  • Determine when you must tax your internet sales
  • Establish procedures to properly account for, accrue and report tax on untaxed purchases
  • Minimize tax on freight charges
  • Understand the limited protection provided by exemption certificates (they do not indemnify you from liability)
  • Identify the nexus triggers that could require you to register and pay taxes in states other than your home state
  • Be proactive when you haven’t registered as required and avoid the penalties
  • Take advantage of best practices in managing sales and use tax compliance
  • Identify the key policies and procedures your company should have in place to help with tax audits
  • Learn about amnesty programs and how to take advantage of them
  • Receive a list of valuable resources to help you learn the different requirements of individual states for exemption specific transactions

Get key insights to develop a solid plan to move your company toward sales and use tax compliance. Experienced CGMA and businessman, Miles Hutchinson, will review the basics of sales and use taxation with you and answer your questions. He will brief you on legal developments in the area of taxation of internet sales. You will also receive practical guidance to avoid audit assessments and penalties.

Learning Objectives

  • To identify what is sales, and use tax; and differentiate between the taxable and non-taxable sales of goods and services
  • To minimize the tax basis of sales activities (the states are inconsistent)
  • To determine when you must tax your internet sales and to identify how to minimize tax on freight charges
  • To establish procedures to properly account for, accrue and report tax on untaxed purchases
  • To explore the limited protection provided by exemption certificates (they do not indemnify you from liability)
  • To identify the nexus triggers that could require you to register and pay taxes in states other than your home state
  • To recognize how to be proactive when you haven’t registered as required and avoid the penalties
  • To explore how to take advantage of best practices in managing sales and use tax compliance
  • To identify the key policies and procedures your company should have in place to help with tax audits

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA