Sales and Use Tax Accounting ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $29.00
Non-Member Price $33.00
Overview
Before enrolling in this course, 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.
Highlights
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.
Prerequisites
None.
Designed For
CPAs, CFOs, controllers, financial professionals, and auditors.
Objectives
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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $33.00
Member Price $29.00