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The Inside Scoop of Sales and Use Tax Audits

Learn from an auditing insider how to handle an audit and what is needed to make the process run more smoothly.

Every day, businesses all over the United States receive a letter from various states saying 'you have been selected for a sales and use tax audit'. Most of the people receiving these letters have never been through a sales tax audit and don't realize how much work the audit will entail. This material will go through the information that you need to know to be able to handle an audit on your own. We will start with what to do once you receive the 'audit letter' and walk you through the entire process. This topic will also advise you on how to handle your sales and use issues on a go forward basis. We will end the topic by going through some recent issues that have come up on audits that we handled on behalf of our clients. Inadequately handling a sales tax audit can lead to giving the auditors too much unnecessary information, a lot of wasted time, frustrations and most importantly a large and unreasonable sales tax assessment. This information is crucial for all professionals that may have to handle a sales tax audit at some point in their career.

Runtime: 87 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Preparing for the Audit

  • Appointment Letter (Audit Notification Letter)
  • Power of Attorney
  • Questionnaire
  • Responsible Person Form
  • Waiver
  • IDR
  • Reducing Scope of Audit
  • Sampling Form

During the Audit

  • Sample Methods
  • Research
  • Sales
  • Expenses
  • Fixed Assets

Finalizing the Audit

  • Reviewing Auditor's Work Papers
  • Request for Penalty Abatement
  • Identify Drivers of Assessment in Order to Make Changes Going Forward
  • Appeals Conference and Other Options

Audit Issues by Industry

  • Restaurants
  • Contractors
  • Professional Services
  • Wholesalers
  • Service Industry
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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Keisha Paton

Keisha Paton

CohnReznick LLP

  • Tax Associate with CohnReznick LLP
  • NJCPA member
  • B.S. degree in accounting, City University of New York - College of Staten Island
Scott Smith

Scott Smith

CohnReznick LLP

  • Director with CohnReznick LLP's State and Local Tax Practice and Tax Controversy Group with more than twenty years of experience in the multi-state sales and use tax area
  • Has a broad range of experience working with publicly held companies for a diverse group of industries, including manufacturing and distribution, research and development, biotechnology, construction, and retail
  • Has provided various services to Fortune 100 and 500 clients, including sales/use and property tax systemís implementation and compliance, audit defense, reverse audits, nexus studies, taxability matrices, cost component analysis, voluntary disclosure agreements, tax planning, and consulting
  • Monitors sales and use tax law changes in the U.S. and drafts tax alerts for the firm
  • Frequent speaker at the firmís Financial Manager Learning Forum and Nexia SALT conferences
  • B.S. degree in accounting, Dominican College
Yehuda Weinman

Yehuda Weinman

CohnReznick LLP

  • Senior Tax Associate at CohnReznik LLP
  • NYSSCPA and AICPA member
  • B.S. degree in accounting, Touro College
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399676
Published 2017
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