Sales and Use Tax Best Practices virtual, sheridan

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 are 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.

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.
States are tense. They need more revenue. Millions of dollars of internet sales occur daily without tax. The states want their money. In just 90 minutes, learn the different ways your company triggers nexus on itself and what it must do to comply with state regulations.

LEARNING OBJECTIVESCover the essentials you need to know as an account 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 the concept of reciprocity and how you can use it to minimize (or even eliminate) use tax liability.

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 WILL BENEFIT?
This webinar will provide valuable insights into –

Tax Managers
CFO
Controllers
Accounting Managers
Auditors
Compliance Managers
Risk Managers

About 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.