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Comprehensive Sales & Use Tax Overview with Latest Update

Comprehensive Sales & Use Tax Overview with Latest Update

8 Credits

$80

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00599-21-S)

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0573)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 CPE credit for Certified Management Accountants (CMA)

8 CPE credit for Certified Fraud Examiners (CFEs)

8 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00599-21-S)

8 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00599-21-S)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Oct 28, 2021 | 12:00 PM EDT Register
Nov 11, 2021 | 10:00 AM EDT Register

Overview

  • Sales Tax vs. Use Tax
    2 mins
  • Exemption Certificates
    33 mins
  • Multi-state Sales and Use Tax
    50 mins
  • Sales Tax Defence
    96 mins
  • Transaction Tax
    148 mins
  • Collection Action
    188 mins
  • Ways to Resolve Assessment
    229 mins
  • Compliance
    271 mins
  • Manufacturers
    304 mins
  • Refunds
    363 mins

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?


Click to access more webinars on Latest Tax Update | IRS Audit, Representation, and Resolutions | Tax planning Accounting & Auditing Free CPE Webinars | Free Ethics

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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Certified Fraud Examiner
  • Certified Management Accountant
  • Certified Valuation Analysts
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • 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

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