Sales and Use Tax Best Practices

Sales and use tax is one of the more complex compliance areas for accounting teams, especially for companies operating in several states, since each state regulates the tax its own way. This 60-minute sales and use tax training explains where the tax comes from, how and when it applies, and legal ways to reduce or even eliminate liability.

You'll learn how nexus decides whether you must register in a state, including lesser-known triggers such as advertising expenses. The session explains how to measure cost basis for use tax so you don't overpay, and how reciprocity gives credit for tax paid to another state.

It also covers the absorption concept as a pricing tool where legal, and best practices for a sales tax audit.

• Explain the basics of collecting and remitting sales and use tax
• Recognize lesser-known activities that trigger a duty to register
• Measure use tax cost basis so your company doesn't overpay
• Use reciprocity to reduce or eliminate use tax liability
• Prepare for a sales and use tax audit while limiting staff time

• The origin of the sales and use tax
• Nexus: deciding whether to register in a state
• The use tax: cost basis and avoiding overpayment
• Reciprocity agreements and credit for taxes paid to another state
• Preparing for a sales and use tax audit
• The absorption concept: sales tax as a pricing tool where legal
• How advertising expenses can create sales tax liability
• Sales and use tax best practices

Many companies don't fully understand their sales and use tax obligations in the states where they operate. Use tax compliance is around 20%, and state audits can be aggressive and consume staff time even when no liability is proven.

This session suits tax managers, CFOs, controllers, accounting and accounts payable professionals, auditors, and compliance and risk managers.

• Tax Managers
• CFOs
• Controllers
• Accounting Managers
• Auditors
• Compliance Managers
• Risk Managers

Scott Transue is an Enrolled Agent with the IRS, licensed to represent taxpayers in all 50 states. He is an award-winning speaker and trainer on taxation and debt collection. He is also a QuickBooks ProAdvisor. He has presented seminars on accounting topics throughout the country and coached over 3,000 people in improving their entity’s performance.  He is a Remote Tax Advisor for TurboTax. He holds a Masters in Accounting from Walden University and Master of Public Administration degree from the State University of New York at Albany. His professional career has included time as commissioner of finance for the city of Gloversville, New York and as a senior accountant with the New York State Department of Environmental Conservation.