Streamlining Sales Tax Audits

Description

Sales tax audits can easily spiral into major documentation demands that drain a corporate tax department's time and resources, but a proactive strategy can avoid this scenario. Via tax calculation or company ERP software, tax staffs can generate a variety of advance reports to satisfy auditors.

Providing auditors with well-planned reports broken down by jurisdiction, exempt transactions, business division, etc., can divert demands for a substantial transactional sample and follow-up analyses. Staff-hour savings will be major if you make an effective case for such reports.

Crafting this proactive strategy is more about deciding what data to pull, how much, and how to present it than about software interfaces. Insights from experienced tax advisors are invaluable in helping your tax staff create an effective presentation that manages the demands of the audit.

Listen as our panel of sales tax professionals offers alternatives for advance audit reports, as well as clear examples.

Outline

1. Why electronic files and leveraging software open opportunities
   1. Differences between electronic audits and standard audits
   2. Electronic audit isn’t necessarily statistical and can reduce need for sampling
2. Goals for producing a pre-audit report for auditors
   1. Take more control over what, and how many, records are examined
   2. Minimize demands on staff to produce documentation for auditor
   3. Reduce number of follow-up requests for information
   4. Generally help expedite the audit
3. Categories of possible analytical reports
   1. Transaction-based
   2. Exemption certificate-based
   3. Tax by jurisdiction-based
4. Making an effective case for auditor to rely on these reports

Benefits

The panel will help you plan for and utilize to your best advantage reports such as:

• Transactions reports: Without sales tax, exceeding a tax threshold, at department or division level.
• Exemption certificate reports: Certificates on file, expired certificates.
• Sales tax remitted reports: Tax by jurisdiction.

Upon completion of this seminar, an attendee will have a greater familiarity of the capability of in-house tax and ERP software to produce sales tax reports. The attendee will learn of new alternatives and strategies to develop reports that will anticipate an auditor's needs and manage the time demands of an audit.

Webinar/Teleconference

Strafford webinars/teleconferences offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program).  Please note that our webinars do not feature videos of the presenters.

NASBA CPE Sponsor

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

CPE Credit

Strafford is a NASBA CPE sponsor and our live seminars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

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