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Accurately Classifying Your Products and Services for Sales Tax

Life after Wayfair has caught many businesses off guard with the new national nexus standards that states are implementing.

This information will assist you in the determination of products and services that may be needed after you review your nexus position (economic nexus). You will be able to differentiate between general services, business and professional services, and enumerated services. This material will assist with your RFPs for taxability studies if you go outside your organization. It will also help you prepare taxability matrices for the invoicing process on a state-by-state basis, as failing to have correct tax determinations will lead to significant audit risk for both the seller and buyer. This material will also be a guide for determining the documentation necessary for your organization to move forward on the sales and use tax front.

Runtime: 105 minutes
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Why Lorman?

Over 33 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

Introduction and Why We Are Here

  • 2018's Wayfair Decision Has Significantly Changed the Sales and Use Tax Story for Every Company in America
  • How Each State Defines and Taxes Tangible Personal Property (TPP), in General
  • How Each State Defines and Taxes Services, in General
  • Life After Wayfair, What Products and Services States Will Most Likely Tax Going Forward

Distinguishing Taxability of TPP, Services in General, and Enumerated Services

  • Determining the Taxability for Sales Tax on Services (Digital Property, Professional vs. Personal Services)
  • Now That You Determined Taxability, How Do You Implement Taxable Services and Products for Your Organization?
  • How to Properly Research State Specific Categories

Documentation and Audit Defense

  • How to Address Bundled Transactions Before an Audit (e.g. Gift Baskets and Delivery Services)
  • Collection and Retention of Exemption and Resale Certificates
  • Convergence of Construction Contracts and Real Improvements
  • When Is SaaS Taxable?
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More Program Information

Why Lorman?

Over 33 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

MP3 Download

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

OnDemand Course

This course was last revised on March 24, 2020.

Call 1-866-352-9540 for further credit information.

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

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More Program Information

Why Lorman?

Over 33 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

Adam Giera, CMI

Adam Giera, CMI

Thompson Tax & Associates, LLC

  • Vice president and Chief Information Officer, Thompson Tax & Associates, LLC
  • Started with Thompson Tax in 2010
  • Works with the firm’s consulting practice addressing taxability matrices, reverse audits, audit defense, M&A, due diligence, and nexus
  • Co-wrote California article in ABA Tax Times
  • Member of the Institute for Professionals in Taxation (IPT)
  • B.A. degree, Northern Illinois University
  • Can be contacted at [email protected]
Daniel Thompson, CPA, CMI

Daniel Thompson, CPA, CMI

Thompson Tax & Associates, LLC

  • President of Thompson Tax & Associates, LLC and founded the company in 2002
  • 40 years of sales/use tax experience in both government and public accounting
  • Adjunct professor lectures on taxation at Golden Gate University’s State and Local Tax Program
  • Member of the American Institute of CPAs, the California Society of CPAs, and the Institute for Professionals in Taxation (IPT)
  • Served as chairman of the California Society of CPAs Sales and Use Tax Symposium
  • Founding member of the Independent SALT Alliance (ISA)
  • B.S. degree in accounting, California State University, Long Beach
  • Can be contacted at [email protected]
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Why Lorman?

Over 33 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: 407138
Published 2020
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