Sales & Use Tax Basics

Author: Michael Bannasch

It seems most CPAs are more comfortable with income tax issues than sales/use tax issues, so this course aims to provide a foundation (and then some) for CPAs interested in becoming more acquainted with the vitally important issues surrounding sales/use tax. The U.S. Supreme Court’s decision in Wayfair during 2018 only makes this tax more relevant to companies, so now is your chance to get the fundamentals that can start you down a path to better serving your clients or company with their sales/use tax needs.

Publication Date: April 2019

Designed For
Any CPA who is interested in growing their knowledge of tax issues affecting their clients or company by being able to be conversant in the issues of sales/use tax.

Topics Covered

• Overview of basics/mechanics
• Obligations of out”of”state retailers to register for and/or collect a state's sales/use tax
• Key issues in defining the taxable base
• Common (and commonly overlooked) exemptions

Learning Objectives

• Recognize the significance of sales & use tax on their clients or company and the costs of non-compliance
• Identify common taxable vs. exempt transactions
• Describe key components of the sales & use tax compliance process
• Differentiate statements regarding the general principles applicable to sales tax
• Describe how many states tax services default
• Identify sales tax cases and how they apply to your client
• Recognize Wayfair statements with respect to nexus holdings
• Identify how Nexus applies
• Identify state requirements with respect to sales & use tax
• Recognize common exemptions from sales tax

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None