Errors in correctly collecting, paying or reporting tax can result in businesses incurring ruinous liabilities, not only for tax, but also for interest and penalties. Almost all businesses are potentially vulnerable, so it is imperative that taxpayers and their advisors become knowledgeable about current sales, use and business and occupation taxes in order to minimize their tax and to avoid liability for failing to collect or pay taxes actually owed.
For those professionals who are dealing with these taxes, it is critical that a solid understanding of tax principles be established.
- Doing business in Washington
- Sales and use tax exemptions and deductions
- Business and occupation (B&O) tax
- The attendee will be able to discuss nexus issues.
- The attendee will be able to identify the tax base and deductions.
- The attendee will be able to review elements of the excise tax system.
8:30 a.m. - 8:45 a.m.
I. Overview Of Day's Activities
8:45 a.m. - 9:15 a.m.
II. Doing Business In Washington
B. Overview Of The Excise Tax System
9:15 a.m. - 10:25 a.m.
III. Business And Occupation Tax
A. Tax Base And Deductions
B. Manufacturing Category
C. Wholesaling Category
D. Retailing Category
E. Service And Other
F. Interstate Activities
10:25 a.m. - 10:35 a.m.
10:35 a.m. - 12:00 p.m.
IV. Retail Sales Tax
A. When Does It Apply?
B. How Is It Measured?
C. Seller Liability
D. Determine Correct Location Of Sale
E. Resale Certificates
F. Sales Tax Exemptions
G. Manufacturing Machinery And Equipment Exemption
1. What Qualifies?
2. Examples Of Qualifying Equipment And Usage
H. Deferred Sales Tax
I. Sales Tax Deductions
J. Sales Tax Credits
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:30 p.m.
V. Use Tax – Companion To Retail Sales Tax
A. When Is Use Tax Due?
B. How Is It Calculated?
C. Use Tax Credits, Trade-Ins And Exemptions
D. Vehicles, Aircraft And Watercraft
E. How To Report Use Tax Liability
F. Use Tax Examples
G. Identifying And Tracking Your Use Tax Liability
H. Suggestions For In-House Procedures
2:30 p.m. - 2:40 p.m.
2:40 p.m. - 3:30 p.m.
VI. Administrative Procedures
A. Voluntary Disclosure
B. Tax And License Fraud
C. Audit And Collection Process
D. Suggestions For A Successful Audit
E. Appeals Process
3:30 p.m. - 4:00 p.m.
VII. Washington Tax Incentives
A. Aerospace Industry
B. Community Empowerment Zone
C. High Technology Tax Incentives
D. Warehouse Tax Incentives
4:00 p.m. - 4:30 p.m.
VIII. Recent Legislation, Questions And Answers
A. Changes To The Research And Development Tax Credit