Sales and Use Tax Primer

Learning Objectives

• To identify the basic types of sales and use taxes and why those distinctions are important, key presumptions endemic to this tax type, and vital compliance reporting and documentation responsibilities for sellers and consumers.
• To review the basic conceptual framework for core definitions such as; tax base, tax sourcing, exemptions, exclusions, and nexus, and why they are important to understand and how to address them at a fundamental level.
• To analyze potential problem areas for your company and how to reduce your risk and possible exposure. 
• To examine possible consequences for non-compliance, and how to address known exposures, ambiguous issues, and other deficiencies.

Course Description

When presumptions or even simple logic are applied to the governing statutes, rules, and tax policy, sales tax can become an issue.

In terms of risk management, this conceptual framework is crucial since it significantly affects how the law was originally framed, as well as the taxpayer's burden of proof, their paperwork needs, and the potential repercussions of non-compliance.

This webinar is a primer on core sales and use tax concepts, the overall taxing scheme behind this tax type, taxability theory, and of course, important practical applications for the professional. It is also designed as a helpful refresher on the basic concepts for more experienced staff. 

We hope to help you avoid those potential pitfalls by becoming more informed on the theory. You often don't know what you don't know.

Join this webinar, we intend to dispel some myths about sales tax and establish the groundwork for additional study so that our attendees will know the questions to pose, the areas to investigate, and the pitfalls to avoid.

Key topics covered in this CE Tax Course:

• The types of sales tax (gross receipts versus transaction taxes) and important features 
• What is use tax, who owes it, and how do you comply with the law?
• Tax base issues and how to address them
• Core taxability and theory including presumptions of taxability, fiduciary responsibilities, and reporting requirements.
• Sales tax sourcing and how it is determined and why it is important.
• Addressing exclusions and exemptions and the differences between them
• Best practice compliance principles and documentation
• Preparing for the audit and the audit process.
• Sales tax nexus concepts and why they are vital to understanding
• Remedial measures, VDAs, and Letter Rulings Fixing problems

Overview

• The two main types of sales tax

  4 mins
• How auditors look at sourcing

  16 mins
• Things to remember about compliance

  30 mins
• The downside of a direct pay permit

  48 mins
• Sales and Use tax - How do I fix it?

  74 mins
• Will sales tax software solve my problems?

  95 mins