Training Course
Syllabus:
This seminar is designed for accountants, controllers, tax managers, CFOs, CEOs, purchasing professionals and enrolled agents.
The purpose of this seminar is to provide an understanding of sales/use tax regulations. Errors in collecting, paying, or reporting tax can result in substantial liabilities, penalties and interest. All businesses can be vulnerable to multi-state sales/tax issues.
This program will include an overview of the following topics:
• Exemptions And Their Applications To Specific Industries
• Determining Activities That Constitute Nexus And Viable Resolutions
• Sales/Use Tax Savings Strategies
• Legislation Update And Case Law
8:30 a.m. - 8:45 a.m.
I. Overview Of Sales/Use Tax
A. Tangible Personal Property
B. Statute Of Limitations
8:45 a.m. - 9:00 a.m.
II. General Exemptions
A. Services
B. Exempt Organizations
C. Sales For Resale
9:00 a.m. - 12:00 p.m. (Break 10:30 a.m. - 10:40 a.m.)
III. Manufacturing Sales Tax Exemptions
A. Machinery And Equipment
B. Production Related Items
C. Shipping And Packaging
D. Repair Parts
E. Raw Materials
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:15 p.m.
IV. Application Of Sales/Use Tax To Contractors
A. Materials
B. Improvements To Realty
C. Tools And Equipment
D. Contracts
E. Pass Through Exemptions
2:15 p.m. - 3:00 p.m.
V. Nexus
A. Definition
B. Activities That Constitute Nexus
C. Voluntary Disclosure
D. Penalties
E. Streamlined Sales Tax Project
3:00 p.m. - 3:10 p.m.
Break
3:10 p.m. - 4:00 p.m.
VI. Effective Tax Rates
A. Direct Pay Permits
B. Statistical Sampling
C. Benefits
D. Implementation
4:00 p.m. - 4:30 p.m.
VII. Current Legislation
A. New Tax Rates
B. Manufacturer’s Purchase Credit
C. Recent Cases
D. Regulation Changes |