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Use Tax Accrual, Validation, and Compliance: Managing Systems, Addressing Risks, Audits

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, November 11, 2021

Recorded event now available

This course will provide tax professionals with effective approaches to review use tax accrual policies and procedures to improve compliance and minimize the risk of an audit assessment. The panel will discuss strategies for multijurisdictional companies, the impact of the digital economy, reporting, and other key issues.

Description

Tax professionals at many companies--big and small--might admit their use tax accrual procedures are not what they should be. This can become a dangerous vulnerability at a time when financially stressed state and local governments regard business use tax compliance as low-hanging fruit for audits.

States that charge sales tax also charge use tax and are increasing audits to enforce compliance and collect consumer use tax. Companies buying goods out of state or online must report and remit consumer use tax for the storage, use, or other consumption of property that was not subject to sales tax. The same applies when a business withdraws goods from inventory for its own use.

Companies are responsible for assessing the accrual of use taxes and remitting payments to the state and/or local tax authority. Determining the accrual of use taxes can be difficult due to swiftly evolving state laws in areas such as software-as-a-service delivery, digital assets, and new state nexus laws. Businesses involved with numerous sales for resale or purchases from remote vendors with no physical presence in their states must diligently manage the use tax accrual process at the proper tax rates.

Listen as our panel reviews common exposures in use tax accrual and offers general approaches to improvement that will benefit companies in multiple industries.

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Outline

  1. Staff policies and procedures concerning use tax accrual
  2. Improved interactions with systems
  3. Leveraging tools such as direct pay permits
  4. Special issues with use tax accruals for particular industries due to evolving state tax law

Benefits

The panel will explore these and other relevant topics:

  • Tracking use tax and setting policies and procedures for them
  • Implementing more effective procedures to work with AP and GL systems on use tax accrual
  • Structuring a better approach with vendor tax validation
  • Leveraging tools such as direct pay permits

Faculty

Le, Tram
Tram Le, CPA
Senior Tax Manager
TaxOps

Ms. Le is a CPA and licensed attorney specializing in tax strategies for growing businesses. She works closely with...  |  Read More

Zoerink, Connie
Connie Zoerink, CPA
State and Local Tax Director
TaxOps

Ms. Zoerink has years of public and private accounting experience specializing in state and local tax (SALT) research,...  |  Read More