Managing Sales and Use Tax Risk: Reviewing Nexus Activities, Procurement Processes and Policies to Minimize Exposure

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


Conducted on Tuesday, May 2, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide sales and use tax advisers and compliance professionals with a thorough and practical guide to designing a policy and procedures review to identify sales tax exposure and eliminate unnecessary sales and use tax risk. The panel will discuss structuring test processes to evaluate nexus presence questions, review collections and payable accounts, and identify problem areas in the sales and use tax collection and reporting regime.

Description

An increasingly important challenge for corporate tax advisers and finance professionals is the task of proactively identifying and minimizing sales and use tax reporting and payment obligations. Conducting comprehensive reviews of a company’s policies, procedures and nexus activities is essential to managing sales and use tax risks.

As multiple states continue to expand interpretations of activities that trigger business taxpayer nexus, companies face increased exposure to new sales tax collection and remittance obligations. To manage that risk, corporate tax advisers must engage internal stakeholders in all stages of both the sales and procurement processes to ensure that all tax obligations are identified, and tax collected and remitted at the appropriate rates.

In addition to identifying sales tax obligations, multistate corporations must ensure that use tax registrations are current and that use tax accruals are kept current. Sales tax advisers often must maintain accurate sales and use tax reserves as part of the company’s financial reporting obligations. This becomes especially important to companies involved in merger or consolidation activities.

Listen as our experienced panel provides a thorough and practical guide to conducting a sales and use tax risk review, including nexus studies, procurement monitoring, and payable account maintenance.

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Outline

  1. Records and processes to examine in a sales and use tax compliance review
  2. Nexus reviews to ensure that the company has identified potential areas of economic presence
  3. Develop, automate and review a sales tax decision matrix, addressing the taxability of the Company’s purchases and sales
  4. Intra-company questionnaires to discern problem areas
  5. Use of prior year filings, previous audits and other documentations to determine sales and use tax risk
  6. Develop audit best practices and protocol

Benefits

The panel will discuss these and other important questions:

  • Designing a policy and procedures review to discover and evaluate sales and use tax risk
  • Evaluating state nexus standards and analyzing corporate activities in key states
  • Monitoring sales and use tax payable accounts to ensure adequate controls are in place
  • Implementing processes to verify that all registrations to accrue use taxes are current and accurate
  • Reviewing a company’s procurement processes to identify hidden sales and use tax obligations

Faculty

Dillon, Michael
Michael T. Dillon, Esq.

President
Dillon Tax Consulting

Mr. Dillon is an attorney specializing in multistate sales and use tax matters for multistate and multinational...  |  Read More

Eisenstein, Martin
Martin Eisenstein

Managing Partner
Brann & Isaacson

Mr. Eisenstein is one of the nation’s leading experts in state and local taxation of information...  |  Read More

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$247