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PRIVATE TEAM TRAINING
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Overview
Get sales and use tax answers that keep your company legal and you out of hot water!
- Receive tips and techniques that may save your organization thousands in penalties
- Gain new insights into the most commonly misunderstood aspects of sales and use taxes
- Learn the sales and use tax requirements in your state and all other jurisdictions where you have tax liability
- Discover where to find the latest changes in sales and use tax laws that govern your industry
- Be able to protect your company against audit surprises
- Explore tax savings opportunities and exemptions you may not be aware of
- Understand how e-trade is affected by sales and use tax
- Find out how to streamline your recordkeeping without putting your company at risk
- And even more you'll put to use immediately on the job!
Agenda
Lay the groundwork
- The difference between a sales tax and a use tax
- The key factors that determine which tax applies in each situation
- How “tangible personal property” is defined for sales and use tax purposes, and why it is so important to know
- Four types of tax states and how each affects your legal obligations
- The Interstate Commerce Exemption and how to avoid a notorious tax trap
- Ways to steer clear of the most common — and costly — use tax pitfalls
- 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
- Tips that take the confusion out of applying for exemption certificates
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 impact of the mail-order use tax on your customers
- The good (and potentially bad) aspects of the Streamlined Sales Tax Project — what it means for your organization
- When you must pay taxes to multiple states on the same transaction
- How to avoid triggering tax liabilities in other states
- When you should and should not pay taxes to your out-of-state vendors
- How to know if a vendor is illegally charging you tax
- What the Multi-State Tax Commission is and how it can help your organization
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 correct way to value self-constructed assets for use tax purposes
- 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
- When production machinery is subject to sales or use tax
- How the tax law regards chemicals and ingredients used in production
- How to know whether or not your packing materials are subject to sales and use tax
- The special sales and use tax rules that apply to construction contractors
- The often misunderstood general rule on taxation of computer software
- When computer hardware sales are subject to sales and use tax
- The correct way to treat taxation of transportation and shipping charges
- When repair and installation charges are included in the sales price for sales and use tax purposes
- Taxes on third-party delivery charges — should you ever pay them?
- How returns and trade-ins are handled for sales and use tax
- When rentals and leases are subject to sales tax
- Casual or occasional sales: are they always exempt from sales tax in all states?
- How to handle “tax triggers” such as samples, displays, gifts and incentives withdrawn from stock
Maintain records that stand up under fire in an audit
- The best answer to the question: Why are you doing it that way?
- Two statements you must never make to an auditor
- Record-keeping essentials, including exemption documentation
- Best practices to ensure you have the right support in an audit
- Where to look for exemptions and exceptions
- Exemption certificates: different requirements for different situations
- Innocent until proven guilty — fact or fiction?
- When you are personally liable for tax mistakes and how to make sure this never happens
- How to plan your taxable events to save money
- What to do immediately if taxes have been overpaid
- The consequences of underpayment — important information about what to expect
