Sales and Use Tax Essentials
Learn how to immunize your organization against tax auditors and bounty hunters. Learn how to implement direct tax savings for your organization. We’ll cover best practices to reduce or eliminate over payments.
Understand the Impact of Sales Tax Decisions on a Day-to Day Basis
- History and definitions of sales and use taxes in the US
- State and local taxation (home rule cities)
- Definitions
- Who pays sales tax, who is liable, and why
- Identify the 3 times a sales tax occurs
- 4 types of sales tax; 3 characteristics of sales tax; sales tax policies and procedures
- What to include in your sales tax basis: coupons, discounts, finance charges, trade-ins, rebates, freight, federal excise taxes, bad debts
Improve Sales Tax and Use Tax Procedures so You Never Overpay Again
- Identify when transactions are subject to use tax
- Identify when a use tax occurs
- Understand the measure of use tax Liability
- Nexus
Utilize Exemptions and Exclusions for a Positive Impact on Your Bottom Line
- Exempt entities
- Industry issues: Services, software, internet, manufacturing, R&D, construction, health care, oil & gas
- Miscellaneous issues: freight, handling, surcharges, drop shipments, enterprise zones, motor vehicles, telecommunications, professionals
Apply Administrative Procedures to Minimize Your Tax Liability
- Exemption certificates: Streamlined Sales Tax, state-specific certificates, Multi-state Tax Commission
- Credits and returns, and payments
- 3 options to take a credit
- How and when to file sales tax returns
- 2 types of use tax returns
- Registration issues
- Audits: How to prepare, what to expect, documentation needed, retention periods
- 3 areas of concern in a sales tax audit
- How to prepare and succeed with reviews and appeals
Seminar topics and examples tailored to your type of business. This class includes hands-on exercises and practical tips to help you learn best practices to ensure your organizations compliance.
Length: 4 hour | Level: Basic | CPE Credits: 4 | Prerequisites: None
Schedule:
- October 4, 2012 1:00pm – 5:00pm CST
Registration Fee: $319
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