Description
Life after Wayfair has caught many businesses off guard with the new national nexus standards that states are implementing.This information will assist you in the determination of products and services that may be needed after you review your nexus position (economic nexus). You will be able to differentiate between general services, business and professional services, and enumerated services. This material will assist with your RFPs for taxability studies if you go outside your organization. It will also help you prepare taxability matrices for the invoicing process on a statebystate basis, as failing to have correct tax determinations will lead to significant audit risk for both the seller and buyer. This material will also be a guide for determining the documentation necessary for your organization to move forward on the sales and use tax front.
Date: 2021-08-26 Start Time: End Time:
Learning Objectives
Introduction and Why We Are Here
• 2018’s Wayfair Decision Has Significantly Changed the Sales and Use Tax Story for Every Company in America
• How Each State Defines and Taxes Tangible Personal Property (TPP), in General
• How Each State Defines and Taxes Services, in General
• Life After Wayfair, What Products and Services States Will Most Likely Tax Going Forward
Distinguishing Taxability of TPP, Services in General, and Enumerated Services
• Determining the Taxability for Sales Tax on Services (Digital Property, Professional vs. Personal Services)
• Now That You Determined Taxability, How Do You Implement Taxable Services and Products for Your Organization?
• How to Properly Research State Specific Categories
Documentation and Audit Defense
• How to Address Bundled Transactions Before an Audit (e.g., Gift Baskets and Delivery Services)
• Collection and Retention of Exemption and Resale Certificates
• Convergence of Construction Contracts and Real Improvements
• When Is SaaS Taxable?
Adam Giera, CMI-Thompson Tax & Associates, LLC, Daniel Thompson, CPA, CMI – Thompson Tax & Associates, LLC
