Introduction to Sales and Use Tax Compliance

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!

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?

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.

Areas Covered

• 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

Who Should Attend

CFOs, Controllers, Tax mangers, Accounts Payable managers, Purchasing Managers, and Compliance Managers of all companies and institutions who make sales of taxable goods and services

Speaker(s)

Miles Hutchinson, CGMA

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 professional speaker and consultant who has presented over 2,700 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.

CEUs

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 2.0

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