Sales and use taxes are being broadened. Does your current process properly account for the collection or payment of these taxes? It is important to understand the difference between transaction types to determine when they are appropriate. Sales tax is a tax on consumption, but it is not a “consumption tax.” It is more accurately labeled as “transaction tax”, similar to a sales and use tax overview. Use tax complements the sales tax where title passes outside the taxing state. Most audit activities today involve the use tax. Easy enough, right?
These taxes are a major revenue source for the states, as well as for local jurisdictions that “piggy back” the state tax. Therefore, a solid audit plan is necessary to assure that no mistakes are made.
During this webinar, Brent Meyers will highlight the differences between sales and use taxes. There is a lot of grey area around who collects the taxes, who charges them, what is exempt, what is excluded, and who needs the information.
Brent Meyers has extensive knowledge of the accounts payable process in today’s business environment. He is responsible for business development and commercial card services within the Midwest Territory. He specializes in Automated Accounts Payable, regulation compliance, and expen...
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