Sales and Use Tax Best Practices

Learn valuable insights and strategies from industry experts.

  • Expert-led Training
  • Industry Best Practices
  • Practical Implementation
  • Real-world Scenarios
Webinar Image
Date
27 September, 2024 (Friday)
Time
12:00 PM PDT | 03:00 PM EDT
Duration
60 Minutes Minutes

Overview

This training program will explore the origins of the sales and use tax, explore how and when it applies, and discuss ways to legally minimize (or even eliminate) liability. Sales and use tax is among the most complex areas of compliance for accounting professionals. Given that each state regulates the tax in its own way, companies that operate in multiple states have a detailed (and sometimes costly) compliance burden. Additionally, the use tax is often misunderstood, misapplied, and overpaid. Best practices for dealing with a sales tax audit will also be explored in the webinar.

Area Covered

  • The Origin of the Sales and Use Tax
  • Nexus - Determining Whether You Should Register in a Given State for Sales Tax Purposes
  • The Use Tax - Cost Basis and Ensuring You Don’t Overpay
  • Reciprocity Agreements - How States Give You Credit for Taxes Paid to Another State
  • The Sales and Use Tax Audit - Don’t Panic…..Be Prepared!
  • The “Absorption” Concept - How to Use the Sales Tax as a Competitive Pricing Tool (Where Legal)
  • How Your Advertising Expenses Can Inadvertently Cause You to Owe Sales Tax!
  • Sales and Use Tax Best Practices

Why Should You Attend

Most companies do not have a good handle on the sales and use tax compliance requirements in the states where they do business. States are becoming increasingly complex as to what constitutes a “substantial business presence” and therefore, the need to register and remit sales tax. Use tax is an even more complex area, and compliance is around 20%. The ultimate weapon states have at their disposal is the sales and use tax audit, which consumes staff time and resources. State auditors can sometimes be aggressive, even when no liability is ultimately proven.

    Who Will Benefit?

    • Tax Managers
    • CFOs
    • Controllers
    • Accounting Managers
    • Auditors
    • Compliance Managers
    • Risk Managers

    Speaker

    Scott Transue is an Enrolled Agent with the IRS, licensed to represent taxpayers in all 50 states. He is an award-winning speaker and trainer on taxation and debt collection. He is also a QuickBooks ProAdvisor. He has presented seminars on accounting topics throughout the country and coached over 3,000 people in improving their entity’s performance.  He is a Remote Tax Advisor for TurboTax. He holds a Masters in Accounting from Walden University and Master of Public Administration degree from the State University of New York at Albany. His professional career has included time as commissioner of finance for the city of Gloversville, New York and as a senior accountant with the New York State Department of Environmental Conservation.

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