Use Tax – The Hidden Dangers and Expanding Nexus (OnDemand Webinar)

$219.00

SKU: 408773EAU

Description

Learn more about the pitfalls in sales and use tax compliance and obtain the tools needed to minimize sales and use tax exposure.Identifying and mitigating use tax exposure requires an understanding of sales and use tax laws and a critical evaluation of purchase and sales invoices and other business records for hidden dangers. Use tax compliance requires meticulous maintenance of documentary evidence of a transaction and guides the proper application of tax. Evaluation and retention of invoices, contracts, and accrual workpapers is essential for ongoing, accurate compliance. Hidden dangers lurking in seemingly innocuous invoices can cost companies significant liabilities under audit. Examining shipping terms, defined shipping points, the nature and description of services performed, transaction sourcing, nexus implications for proper tax application, statements of tax, and the rates of tax charged is essential. Of equal importance is ensuring that the invoices and other documents setting forth the form of the transaction accurately reflects the substance of the transaction, or the agreement between the parties. Gain a greater understanding of sales and use tax compliance pitfalls and gain the tools to put this knowledge to work in minimizing your businesses’ and clients’ sales and use tax exposure.

Date: 2021-06-15 Start Time: End Time:

Learning Objectives

Sales and Use Tax
• How Do They Fit Together?
• What Impact Does Expanding Economic Nexus Have on Use Tax Obligations?
• How Do Agreements Between the Various State Taxing Authorities Impact Use Tax Obligations?

Invoicing Pitfalls
• Shipping Address vs. Billing Address
• Shipping Terms
• Bulk Pricing
• Freight and Installation

Sourcing Transactions
• Goods vs. Services
• Use Tax Accruals
• Direct Payment Permits

Documenting Exemptions
• Exemptions vs. Exclusions
• Types of Exemptions
• Multistate Use and Burden Shifting

Audit Preparation
• Taxability Research
• Voluntary Disclosures
• Managing Multistate Audit Issues

AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Christina A. Mondrik, Esq., CPA-Mondrik & Associates