Sales & Use Tax Workshop
Seminar: ID# 1003651
Agenda
Understand The Law And What It Means For Your Company
- The difference between a sales tax and a use tax
- The key factors that determine which tax applies in each situation
- 4 types of tax states and how each affects your legal obligations
- Ways to steer clear of the most common — and costly — use tax pitfall
- How to identify where your company has nexus for sales and use tax purposes
- What constitutes an out-of-state connection strong enough to incur tax collection responsibilities there
Master The Mysteries Of Multi-State Transactions
- How to know which tax rate applies when multiple jurisdictions have competing claims
- Internet sales — what the Internet Tax Freedom Act is and how it affects your company
- The possible use of the mail-order use tax on your customers
- How to avoid triggering tax liabilities in other states
- How to know if a vendor is illegally charging you tax
Understand Taxation For The Most Common Transactions In Your Industry
- The correct way to value self-constructed assets for use tax purposes
- Common inventory withdrawals that are subject to use taxes
- The most prevalent filing mistakes and how to prevent them
- What tax breaks your industry is entitled to
- Providing services — how to know when you're supposed to pay sales tax
- The often misunderstood general rule on taxation of computer software
- The correct way to treat taxation of transportation and shipping charges
Maintain Records That Stand Up Under Fire In An Audit
- The best answer to the question: Why are you doing it that way?
- 2 statements you must never make to an auditor
- Recordkeeping essentials — including exemption documentation
- Best practices to ensure you have the right support in an audit
- Where to look for exemptions and exceptions
- When you are personally liable for tax mistakes and how to make sure this never happens
- What to do immediately if taxes have been overpaid
- The consequences of underpayment — important information about what to expect
