Sales and Use Tax Considerations for Early Stage Companies
Author: Hodgson Russ LLP, K. Craig Reilly, Ariele R. Doolittle
| CPE Credit: |
2 hours for CPAs |
Early stage companies face unique sales and use tax hurdles, including economic nexus provisions; marketplace provider rules; use tax accruals; and proper product sale classifications related to automated sales tax filing software. In a straightforward and easy-to-understand manner, state tax practitioners, Craig Reilly and Ariele Doolittle will help you address sales and use tax issues and challenges specific to early sages companies. This course will help answer Wayfair compliance questions; analyze e-commerce issues such as marketplace provider rules; address use tax liabilities on early company purchases; and properly classify the taxability of sales of digital goods and services such SaaS, IaaS, digital products, and information services. The course will also address how taxing authorities identify businesses to audit, as well as tips and traps in defending a sales tax audit.
Publication Date: November 2022
Designed For
Tax and accounting staff responsible for state tax compliance and planning; business owners; entrepreneurs; CPAs, EAs, tax attorneys and other business and financial advisors working with business clients on sales and use tax compliance and planning
Topics Covered
- Wayfair Analysis and Fallout
- Proper Sales and Use Tax Product Classifications and Coding
- Marketplace Provider Rules
- Compliance Considerations
- Use Tax
- Sales and Use Tax Audits
- Voluntary Disclosures
Learning Objectives
- Recognize a practical understanding of the key unique state tax issues pursuant to Wayfair
- Recognize new marketplace provider rules
- Describe use tax compliance and apply suggestions
- Recognize and properly classify the taxability of emerging sales categories
- Identify tips and traps in a sales tax audit
- Identify the state that only uses $250,000 in in-state sales as its threshold
- Identify the state whose taxes electronically delivered canned software, digital products, and information services
- Identify the number of general requirements with respect to a marketplace facilitator
- Identify the state that allows a taxpayer's choice with respect to the cash or accrual basis
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
