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Use Tax - The Hidden Dangers and Expanding Nexus

Learn more about the pitfalls in sales and use tax compliance and obtain the tools needed to minimize sales and use tax exposure.

Identifying and mitigating use tax exposure requires an understanding of sales and use tax laws and a critical evaluation of purchase and sales invoices and other business records for hidden dangers. Use tax compliance requires meticulous maintenance of documentary evidence of a transaction and guides the proper application of tax. Evaluation and retention of invoices, contracts, and accrual workpapers is essential for ongoing, accurate compliance. Hidden dangers lurking in seemingly innocuous invoices can cost companies significant liabilities under audit. Examining shipping terms, defined shipping points, the nature and description of services performed, transaction sourcing, nexus implications for proper tax application, statements of tax, and the rates of tax charged is essential. Of equal importance is ensuring that the invoices and other documents setting forth the form of the transaction accurately reflects the substance of the transaction, or the agreement between the parties. Gain a greater understanding of sales and use tax compliance pitfalls and gain the tools to put this knowledge to work in minimizing your businesses' and clients' sales and use tax exposure.

102 minutes
Course Exam
Certificate of Completion
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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

Sales and Use Tax

  • How Do They Fit Together?
  • What Impact Does Expanding Economic Nexus Have on Use Tax Obligations?
  • How Do Agreements Between the Various State Taxing Authorities Impact Use Tax Obligations?

Invoicing Pitfalls

  • Shipping Address vs. Billing Address
  • Shipping Terms
  • Bulk Pricing
  • Freight and Installation

Sourcing Transactions

  • Goods vs. Services
  • Use Tax Accruals
  • Direct Payment Permits

Documenting Exemptions

  • Exemptions vs. Exclusions
  • Types of Exemptions
  • Multistate Use and Burden Shifting

Audit Preparation

  • Taxability Research
  • Voluntary Disclosures
  • Managing Multistate Audit Issues
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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 June 15, 2021.

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

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

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

MP3 Download

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

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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

Christina A. Mondrik, Esq., CPA

Christina A. Mondrik, Esq., CPA

Mondrik & Associates

  • Founder of Mondrik & Associates, www.mondriklaw.com
  • Board certified, tax law, Texas Board of Legal Specialization
  • Represents taxpayers in resolving state and federal tax controversies and litigation
  • 2019 - 2020 chair, tax section, State Bar of Texas
  • J.D. degree, with honors, University of Texas School of Law; B.B.A. degree, accounting, University of Texas
  • Can be contacted at 512-542-9300 or [email protected]
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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: 408773
Published 2021
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