Know the Latest Compliance Requirements and Developments
Accounting for sales and use taxes can be one of the most complicated and frustrating tasks accountants and lawyers tackle. States are cracking down on these taxes and yet the laws and definitions are as ambiguous as ever. Interstate and e-commerce sales are the norm today, but do you know exactly which transactions require taxing and reporting to the Department of Revenue and IRS? Don't just hope your clients stay under the government's radar; proactively ensure you are complying with the myriad of regulations. This seminar will bring you up to date on best practices when accounting for sales and use tax. Learn how to decipher whether or not a business has nexus in a state and identify what products and sales are exempt from sales tax; legally report tax information and resolve tax disputes. Back taxes and penalties can be costly for any business - don't leave your clients liable. Register today!
- Understand the latest federal and state developments regarding sales and use tax enforcement.
- Review how interstate and e-commerce sales have complicated reporting requirements.
- Be able to confidently identify when your business has nexus in a state.
- Review how physical presence and economic presence can impact your taxes.
- Know the unique filing requirements for your state.
- Avoid common record-keeping errors that can be costly for your business to remedy.
- Recognize why and how to claim tax exemptions.
- Avoid expensive penalties or criminal charges associated with default or fraudulent reporting.
- Understand how large sales or transfers of businesses can impact your taxes.
- Reviewing Recent Developments
9:00 - 9:45, J. Christopher Coffman
- Constitutional Basis for Impositions of Sales/Use Tax, State/Federal
- The Streamlined Sales Tax Project
- The Marketplace Fairness Act
- How to Keep Up With Changing Obligations
- Complying With and Enforcing Sales and Use Tax
9:45 - 10:45, J. Christopher Coffman
- Forms, Applications and Certificates
- Filing Requirements
- Pitfalls in Recordkeeping and Documentation
- Administrative Review and Appeals
- Ruling Requests
- Offers in Compromise
- Taxpayer's Bill of Rights
- Transferring a Business or Assets
11:00 - 11:30, J. Christopher Coffman
- Formation of Business
- Asset Transfers
- Stock Transfers
- Business Reorganizations
- Successor Liability
- Casual Sale Exemption
- Understanding State Sales and Use Tax
11:30 - 12:30, Michael R. Harbold
- Specific Industry Considerations
- Interstate and E-Commerce Issues
- Goods and Services That are Taxable
- Property vs. Service Concerns
- Taxation of Leasing Transactions
- Clarifying Nexus Confusion
1:30 - 2:30, Mark A. Loyd
- Quill Corp. v. North Dakota Interpretations
- Geoffrey, Inc. v. Commissioner of Revenue Analysis
- State Statute, Regulations or Case Law
- Judicial Interpretations of “Solicitation”
- Economic Presence vs. Physical Presence
- Independent Contractors Issues
- Nexus Checklist
- Identifying Tax Exemptions and Exclusions
2:45 - 3:30, Michael R. Harbold
- Who and What is Exempt?
- How to Claim Exemptions
- Resolving Sales and Use Tax Disputes
3:30 - 4:30, Mark A. Loyd
- Audit Procedures and Managed Audits
- Penalties and Pre-Assessment Interest
- Criminal Penalties
- Remission of Penalties
- Dealing with Aggressive Collection Activity
- Payments Under Protest
This basic-to-intermediate level program is designed for:
- Tax Attorneys
- Accounts Payable Managers
- Purchasing Managers
- Accounts Receivable Managers
- Tax Managers