Sales and Use Tax Best Practices

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.

This webinar will:

• Cover the essentials you need to know as an accounts payable professional responsible for collecting and remitting sales and use tax.
• Detail the lesser-known scenarios that cause many states to determine that you need to register and remit sales tax.
• Describe how best to measure cost basis for the use tax so that your company does not overpay.
• Discuss how best to handle a sales and use tax audit so that you’re fully prepared, and able to minimize staff time and resources.
• Discuss the concept of reciprocity and how you can use it to minimize (or even eliminate) use tax liability.

• 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

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.

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

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.