Sales and Use Tax - Best Practices

Duration: 90 Minutes
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.
Tax Law
Instructor: Scott Transue
Product ID: 501383
Objectives of the Presentation
  • Essentials you need to know as an accounts payable professional responsible for collecting and remitting sales and use tax
  • Lesser-known scenarios that cause many states to determine that you need to register and remit sales tax
  • How best to measure cost basis for the use tax so that your company does not overpay
  • How best to handle a sales and use tax audit so that you're fully prepared, and able to minimize staff time and resources
  • Concept of reciprocity and how you can use it to minimize (or even eliminate) use tax liability
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.

Areas 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
Who can Benefit
  • Tax Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Auditors
  • Compliance Managers
  • Risk Managers
$300
Recorded Session for one participant
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Live Session - How it works
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  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Scott Transue is an enrolled agent based out of Albany, New York. He owns his own tax preparation and representation firm, and has personally completed over 500 individual tax returns. He has unlimited representation rights for taxpayers and companies experiencing issues with the IRS.

He received a 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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