Understanding and Managing Sales and Use Tax (7th Edition)

Author: Robert J. Fields
Publisher: CCH U.S.
ISBN: 9780808032403
Published In: July 2012
Format: Paperback , 320 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Sales and use tax management is one of today's most dynamic areas of tax law and practice. Compliance with and planning for sales and use tax is more complicated and more important than ever. Transactions conducted across state lines, foreign sourcing, electronic commerce conducted over the Internet, and the proliferation of mail order businesses have increased both the complexity and the revenue risks and rewards for individual states. And with many state budgets deep in red ink, state legislatures are actively seeking new and additional sources of revenues, and state revenue departments have become increasingly more aggressive and far-reaching towards all industry segments, making the jobs of those responsible for managing sales and use tax increasingly more difficult and critical.

As part of the new CCH Beacon Series, Understanding and Managing Sales and Use Tax by noted sales tax authority and consultant, Robert J. Fields, helps everyone involved understand and effectively deal with sales and use tax, with pinpoint explanations that make the complex - clear; practical insights that make the mysterious - rational; and charts, examples and case discussion that make the myriad of processes, players and principles come together as never before.

This real-world guidebook includes charts that provide state-by-state overviews of topics such as tax rates, the taxation of services, the tax treatment of machinery, credits for taxes paid to other states, electronic payment of taxes, interest rates, penalties, exemption and resale certificates, and mail order tax collection.

A special e-commerce section is devoted to the industry that encompasses the world of commerce using electronic rather than traditional means of buying and selling products and services. This coverage provides cutting-edge assessments of business being conducted over the Internet by breaking-down the language of e-business for everyone to understand, looking at states' approaches to this new business platform, and putting this understanding into the context of today's business environment.

Understanding and Managing Sales and Use Tax is presented in a helpful two-part arrangement:

Understanding and Managing Sales and Use Tax is one of the finest tax books available on the topic of sales and use tax. It guides readers with great skill and confidence; provides succinct and lucid discussion of core sales and use tax issues following an organization that will greatly benefit everyone who manages and practices in the area of business tax issues.

Part l--"Concepts of Sales and Use Tax" includes discussions of the basic concepts that form the foundation for a working tax consciousness, including:

The different types of sales tax
The Use tax
How liability is determined
Exemptions
The compliance audit function
Hearing and appeals processes, including discussion of statistical sampling and how to prepare for an appeal
Government Administration
Multistate tax compacts
Nexus and commerce clause issues

Part ll--"Management of the Sales and Use Tax Function" examines the activities of tax department management, including:

Process mapping
Registration
Tax insurance information--exemption documentation and forms
Audit support documentation
Handling audits
Tax department productivity and automation improvements
Return preparation and filing, including electronic funds transfers (EFT) and electronic data interchange (EDI)
Research
Record retention
Industry segment issues--sales, purchases, Special tax accounting and Constitutional issues
Electronic commerce and the mysteries of cyberspace
Purchasing, AR, AP Questions

Also included is a Glossary that provides a helpful snapshot of the terms found throughout the book. Some of these terms have special meaning in sales and use tax that need to be properly used and understood.