The Basics of Sales and Use Tax - $175
Course provides an ongoing reference guide and year-round tool to understand all sales and use tax issues.
Product Code: SUT001
Subscription: 12 Months
Sales and Use Tax Course Summary:
This online course is designed to provide you with an ongoing reference guide and year-round tool for all sales and use tax issues. This online course presents information in laymen's terminology and is a highly interactive reference tool. You have access to the program for a period of one year from the date you sign up. Plus, if you have questions or need additional sales and use tax information, we are here to answer your questions at no extra charge.
The Basics of Sales and Use Tax program addresses the most frequently misunderstood sales and use tax issues.
Non-Managers, Front Line Managers, Mid-Level Managers
The Basics of Sales and Use Tax program Segments:
- How sales tax works: The course will help you determine who the taxpayer is for sales tax purposes and how the tax is computed.
- Sales tax concerns as a seller: The course examines the role that sellers have in collecting sales taxes from their purchasers and reporting the taxes to the state.
- Sales tax concerns as a purchaser: The course summarizes purchasers' obligations for paying sales taxes.
- Identifying a sales tax: The course reviews the several different types of sales tax systems. The biggest difference is whether the seller or the purchaser is the main taxpayer. In some states, the tax is imposed on sellers, who then have the option of passing the tax along to their purchasers. In other states, the tax is imposed on the purchaser, with the seller being responsible for collecting the tax and remitting it to the state. And then there are other states where the liability for the tax is shared by sellers and purchasers.
- Taxable events: The course reviews the issue surrounding what triggers a taxable event. Initially, the states were content to limit their taxes to retail sales of tangible personal property. However, in recent years most states have expanded the scope of their sales taxes to encompass leasing transactions and services.
- Computing the tax: The course reviews how sales tax is computed on the measure of gross receipts. In other words, the tax generally applies to the full amount a seller receives from a purchaser as opposed to the net profit the seller realizes on the sale. The section reviews if certain charges (e.g. freight, repair labor, installation labor are a part of the sales price on which tax must be charged).
- How use tax works: The course reviews the differences between a state's sales tax and a use tax. Sales tax applies only to retail sales that are consummated within the state. This creates a big loophole from a taxing state's perspective in that purchasers can avoid the state's sales tax by making their purchases in other states. To close this loophole, each state having a sales tax also has a complementary "use" tax that applies to the storage or other use of tangible personal property or taxable services in the state.
- Nexus: A state can't compel you to register or to collect its use tax unless you have established a physical presence (called "nexus") within the state. What is sufficient to create this nexus presence? Examples include: maintaining an office, store, or other business facility in the state; employees entering the state to take orders, perform services, or otherwise do business on your behalf; real property owned or leased is located in the state; personal property you own or lease is stored or used in the state on a more than occasional basis.
- Drop Shipments: The course reviews the complexities of third party shipments. A company must understand if their in-state resale exemption certificate will be valid in another state when structuring drop shipment sales or if some other documentation will suffice.
- Audits: The course reviews the different types of audits and which challenges can be most problematic. These days a company needs to be aware that it is not “if we get audited” but “when we get audited” and what is the best way to handle the audit and the auditors. To avoid penalties and interest (not to mention headaches and stress), it is imperative that everyone responsible for purchasing understands which vendors must be set up for 1099 MISC reporting.
Begin your course today. This course has proven to save companies time and money. The course is only $175.00. In addition, quantity discounts are available. For more information Call 877-385-5515.