Introduction to Sales and Use Tax Compliance
Product ID : MILE-0026
Level : Intermediate
Duration : 120 Minutes
Miles Hutchinson is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a highly sought after professional speaker and consultant who has presented over 1000 seminars and training sessions on a myriad of business and financial topics, such as financial analysis and modeling, accounting matters, strategic planning, and compliance with the Sarbanes-Oxley Act. His clients include Abbott Labs, Citicorp, the FBI, GE, Pfizer, and the US Marine Corps.
Sales tax? Use tax? What’s the difference? Must I charge tax on my internet sales? Will I owe taxes in more than one state for the same sale? Why is my drop shipper charging me tax? Why did I receive a NEXUS Questionnaire and what if I don’t respond to it? I just received a notice that I have to conduct a self-audit and report my findings to the state – is this for real? I need help!
- Learn the difference between sales and use taxes
- Distinguish between taxable and non-taxable sales of both goods and services
- Minimize the tax basis of your sales activities (the states are inconsistent)
- Determine when you must tax your internet sales
- Establish procedures to properly account for, accrue and report tax on untaxed purchases
- Minimize tax on freight charges
- Understand the limited protection provided by exemption certificates (they do not indemnify you from liability)
- Identify the nexus triggers that could require you to register and pay taxes in states other than your home state
- Be proactive when you haven’t registered as required and avoid the penalties
- Take advantage of best practices in managing sales and use tax compliance
- Identify the key policies and procedures your company should have in place to help with tax audits
- Learn about amnesty programs and how to take advantage of them
- Receive a list of valuable resources to help you learn the different requirements of individual states for exemption specific transactions
Course Level - Basic and Intermediate
Who Should Attend
- Tax Managers
- Accounts Payable Managers
- Purchasing Managers
- Compliance Managers of all companies and institutions who make sales of taxable goods and services
Why Should You Attend
Join us and develop a solid plan to move your company toward sales and use tax compliance. Experienced CGMA and businessman, Miles Hutchinson, will review the basics of sales and use taxation with you and answer your questions. He will brief you on legal developments in the area of taxation of internet sales. You will receive practical guidance to avoid audit assessments and penalties.
Over 40% of state budgets are funded by sales tax. They know they are not receiving all the tax dollars they are owed. Yet many companies fail to comply with multi-state registration and collection. Untaxed internet sales have frustrated the states and they are actively lobbying Congress to change the rules. Are you in full compliance?