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100-minute live streaming program
  • August 24
  • 1:00 - 2:40 pm EST

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OnDemand Course

Drop Shipments: Understanding Sales Tax Treatments of the Seller, Shipper, and Customer

August 24

Stay up to date on the sales tax laws for drop shipments.

Businesses everywhere are looking for ways to reduce the cost of doing business. One alternative that businesses consider is the utilization of drop shipments. A drop ship transaction involves three different entities – the seller, the customer, and the shipper of the product. This material will discuss the various impacts of a drop shipment to each entity. The information will educate you as to what exactly a drop ship transaction is and the implication of the transaction. Both the seller and the shipper might have requirements to charge sales tax and this topic will assist in navigating the waters of a drop ship transaction. The impact of the Wayfair Supreme Court decision will be discussed so that you understand the impact to sales tax. Lastly, the material will provide information concerning the importance of securing an exemption certificate and what other documentation can be provided to exempt the transaction between the seller and the shipper.

Learning Objectives

  • You will be able to define drop ship transactions.
  • You will be able to describe the impacts of drop shipments on the seller, shipper, and customer.
  • You will be able to recognize the steps needed to document drop ship transactions.
  • You will be able to explain the impact of Wayfair on drop ship transactions.

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Why Lorman?

Over 34 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

Drop Shipments
  • What Is a Drop Shipment?
  • Advantages of Utilizing a Drop Ship Scenario
  • Disadvantages of Utilizing a Drop Ship Scenario
  • Wayfair Impact on Drop Shipments
Seller
  • What Are the Impacts of a Drop Shipment Transaction?
  • Steps the Seller Needs to Take to Document the Transaction
  • Exemption Certificate Requirements
  • Audit Implications
  • Wayfair Impact
Shipper
  • What Are the Impacts of a Drop Shipment Transaction?
  • Steps the Shipper Needs to Take to Document the Transaction
  • Exemption Certificate Requirements
  • Audit Implications
  • Wayfair Impact
Customer
  • What Are the Impacts of a Drop Shipment Transaction?
  • Steps the Customer Needs to Take to Document the Transaction
  • Exemption Certificate Requirements
  • Audit Implications
  • Wayfair Impact
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More Program Information

Why Lorman?

Over 34 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 Course

This course was last revised on March 11, 2020.

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

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

Live Webinar Registration

  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, tax managers, presidents, vice presidents, business owners and managers, bookkeepers, enrolled agents, and tax preparers.

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Why Lorman?

Over 34 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

Mary Jo Dolson, CPA

Mary Jo Dolson, CPA

Marcum LLP

  • State and Local Tax Partner, Marcum LLP
  • Specializes in all aspects of state and local taxes; handled numerous audits for clients for both state income tax and sales and use tax
  • Extensive experience in other aspects of state and local taxes including Ohio commercial activity tax, payroll taxes, and unclaimed funds
  • Actively consulting with clients on various nexus issues as it relates to state income tax and sales and use tax especially in light of the Wayfair decision
  • Has been involved with various due diligence projects from both the sell side and the buy side
  • Has presented on numerous state and local tax seminars both internally and externally covering various aspects of state and local taxation
  • Member of OSCPA, AICPA, and FICPA
  • Graduate, Youngstown State University; and a CPA
  • Can be contacted at 813-397-4850, [email protected], or on Twitter at @Marcumllp
Mark Thomas

Mark Thomas

Marcum LLP

  • Supervisor, Tax & Business Services, Marcum LLP
  • Previous experience as an audit manager with the Ohio Department of Taxation, spanning a 30-year career
  • Specializes in all aspects of state and local tax issues
  • Has handled numerous audits in sales and use tax in multiple states, as well as provide sales and use tax research for clients in numerous states
  • Consults with clients on nexus and sales tax issues with regard to the Wayfair decision
  • Also has experience in Ohio commercial activity tax
  • Presented on state and local tax seminars both internally and externally covering sales and use tax topics
  • Graduate, Youngstown State University
  • Can be contacted at 330-564-8548, [email protected], or on Twitter at @Marcumllp
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Why Lorman?

Over 34 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: 408953
Published 2020, 2021
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