Course description
The Inside Scoop of Sales and Use Tax Audits
Gain a better understanding of what to expect during a sales and use tax audit and how to respond to an auditor’s request.
Businesses everywhere, and potentially every day, receive what we like to call a state ‘love letter’ – a dreaded notification of a sales and use tax audit. For some businesses. they might not have ever gone through a state sales and use tax audit. The thoughts of an audit can feel like a very overwhelming task, but it does not have to be. This topic will explain the ins and outs of a sales and use tax audit. Our hope is that when you receive that ‘love letter’ shear panic does not come over you. We have noticed an uptick in state sales and use tax audits as a result of many factors – Wayfair and tight state economies as a result of the pandemic.
This topic will educate you on the different stages of an audit and what to expect in each stage. This material will also assist you in developing a plan for future compliance. Lastly, we will discuss some industry-specific issues that might arise during a sales and use tax audit. The goal is to help you feel prepared for a sales and use tax audit and to help avoid audit pitfalls that can lead to significant assessments.
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Who should attend?
This live webinar is designed for
- accountants
- controllers
- CFOs
- tax managers
- presidents
- vice presidents
- business owners and managers
- bookkeepers
- tax preparers and enrolled agents.
Training content
Pre-Audit
- Steps to Take Before You Receive an Audit Letter
- Audit Letter/Power of Attorney Form
- Steps to Be Taken Once You Receive a 'Love Letter' From the State
- Audit Questionnaire
- Preliminary Review of Audit Records
Audit
- Audit Approaches
- Wayfair Impact
- Fixed Assets
- Expense Items
- Sales Tax
- Exemption Certificates
- Timeline
Audit Wrap-Up
- Review Audit Results
- Know Your Rights for Protest
- Penalty Abatement
- Future Compliance
Industry-Specific Audit Issues
- Service Industry
- Contractors
- Wholesalers
- Retailers
- Restaurants
- Manufacturing
Certification / Credits
Learning Objectives
- You will be able to review the do’s and don’ts of a sales/use tax audit.
- You will be able to discuss the first steps your business should take when you receive a state ‘love letter.’
- You will be able to recognize the importance of how you respond to an auditor’s request is just as important as the information that you are providing.
- You will be able to identify key dates during an audit process so that key deadlines are not missed.
Contact this provider
Lorman Education Services - Live and On-Demand Courses
Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...