Before enrolling in "Sales and Use Tax Accounting," professionals might find themselves perplexed by the intricacies of applying, reporting, and complying with sales and use tax regulations. The challenge of determining when to charge sales tax, how to handle over or under collections, and presenting tax liabilities in financial statements can lead to uncertainty and potential risks in tax compliance.
After completing this course, participants will undergo a transformation in their approach to sales and use tax accounting. The course bridges the gap between confusion and comprehension. Taught by Steven M. Bragg, this course provides a detailed understanding of the methods for remitting sales taxes, the rules for charging and accounting for these taxes, and the presentation of tax liabilities. The course also equips participants with the knowledge to navigate special scenarios like sales tax audits and private letter rulings confidently. Armed with this comprehensive understanding, participants will be well-prepared to handle the complexities of sales and use tax accounting with precision and compliance, enhancing their professional capabilities and confidence.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the methods used to remit sales taxes to a government.
Note the different requirements for obtaining a sales tax license.
Recognize the rules for how and when to charge sales tax.
Recall the proper accounting to be used for all types of sales tax transactions.
Note the proper presentation of sales tax liabilities in the financial statements.
Identify the correct treatment of over- and under-collections of sales taxes.
Recall the excuses that may be accepted for not submitting a sales tax return.
Note the key characteristics of a private letter ruling.
Recall how a multiple points of use certificate is to be used.
Identify the situations in which use tax is to be paid.
Major Topics
Sales and Use Tax Accounting
Sales Tax Nexus
The South Dakota vs Wayfair Case
Sales Tax Exceptions
Streamline Sales and Use Tax Agreement
Use Tax
Buying and Selling a Business
Sales Tax Audits
Additional Sales and Use Tax Topics
