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Laws, Compliance And Trends In Sales/Use Tax Economic Nexus

Laws, Compliance And Trends In Sales/Use Tax Economic Nexus

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00269-20-S)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0278)

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

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00269-20-S)

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00269-20-S)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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

Overview

  • Sale/Use Tax Economic Nexus Thresholds
    7 mins
  • How are transactions defined?
    13 mins
  • MTC White Paper on Marketplace Facilitator Tax Collection Laws
    22 mins
  • Is it possible to negotiate who has the tax collection obligation: Seller & Marketplace Facilitator
    30 mins
  • Is Marketplace facilitator the retailer under the Sales/use tax law?
    37 mins
  • Marketplace seller issues
    43 mins
  • MTC Multistate Voluntary Disclosure Program
    48 mins

Course Description

The U.S. Supreme Court issued its widely anticipated decision in Wayfair. The Court held that states may require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence. There’s a new era of sales tax upon which says that where in the world you’re located, your business could be liable for sales tax in the US.

The Wayfair decision means that states are now free to subject companies to state taxes based on an “economic” presence within their state. Overnight, remote sellers, licensors of software, and other businesses that provide services or deliver their products to customers from a remote location must now start complying with state and local taxes.

The session will provide an overview of:

  • Sales/use tax economic nexus law enacted by state.
  • Economic nexus thresholds
  • General questions that remote sellers have concerning those laws.
  • Overview of marketplace facilitator tax collection laws enacted to date
  • General questions that marketplace facilitators and marketplace sellers have concerning those laws.
  • Review of the Multistate Tax Commission’s Multistate Voluntary Disclosure Program.
  • Compliance with these new sales/use tax economic nexus and marketplace facilitator tax collection laws.


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Learning Objectives

  • To recall what economic nexus is and how to determine when you’ve triggered it in a state
  • To gain familiarity with the basic provisions of states’ sales/use tax economic nexus and marketplace facilitator tax laws.
  • To identify compliance issues related to those laws raised for remote sellers, marketplace facilitators, and marketplace sellers.
  • To gain familiarity with the MTC’s Multistate Voluntary Disclosure Program and
  • To identify what economic nexus is and how it can drastically increase your tax obligations

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeeper
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • 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