Introduction to Sales and Use Taxation
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Join us and you can begin to develop a solid plan to move your company toward sales and use tax compliance. Experienced CPA and businessman, Miles Hutchinson, will review the basics of sales and use taxation with you and answer your questions. He will discuss legal developments in the area of taxation of internet sales. You will receive practical guidance to avoid penalties due to the ever increasing instances of audits by state taxing authorities.
Why should you attend: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 got a notice that I have to conduct a self-audit and report my findings to the state - is this for real? I need help!
Areas Covered in the Session:
- Learn the difference between a sales tax and a use tax
- Identify taxable sales and non-taxable sales
- Learn the how to determine whether the tax basis is equal to the sale of property or sale of services or both (the states are inconsistent)
- Determine whether you will owe tax on your internet sales
- Discover what the major internet retailers are doing to avoid charging sales tax on their sales and how/why bricks and mortar retailers oppose them
- Learn the latest information about the Main Street Fairness Act
- Identify the three key factors that could ensure exemption of freight charges from tax
- Learn about the limited protection provided by exemption certificates (they do not indemnify you from liability)
- Identify the nexus triggers to avoid having to register and pay taxes in states other than your home state
- Discover best practices for dealing with nexus in states other than your home stated when you haven't registered as required
- Identify the key policies and procedures your company should have in place to help with compliance and tax audits
- Examine the pros and cons of obtaining amnesty through the streamlined sales tax project
- Receive a list of valuable resources to help you learn the different requirements of individual states for exemption specific transactions from tax
Who Will Benefit:
- Tax Managers
- Accounts Payable Managers
- Purchasing Managers
- Compliance Managers
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. He is a highly sought after professional speaker and consultant who has presented over 1000 seminars and training sessions on a myriad of business and financial topics, such as financial analysis and modeling, accounting matters, strategic planning, and compliance with the Sarbanes-Oxley Act. His clients include, Abbott Labs, Citicorp, the FBI, GE, Pfizer, and the US Marine Corps.