Table of Contents

Sales and Use Tax Accounting. 1

What are Sales and Use Taxes?. 2

What is Tangible Personal Property?. 4

What are Taxable Services?. 4

Sales Tax License. 4

Sales Tax Calculation. 5

Sales Tax Accounting. 6

Cash or Accrual Basis Accounting. 7

Sales Taxes Liability Account 7

Sales Tax Presentation. 8

Account Reconciliation. 8

Sales Tax Remittances. 8

Over-Collected Sales Tax. 9

Under-Collected Sales Tax. 10

Late Filing Penalties and Interest 11

Response to Notice of Non-Filing. 13

Sales Tax Nexus. 13

Tax Remittances Required Under Nexus. 14

Nexus Avoidance. 14

Sales Tax Exemptions. 14

Private Letter Rulings. 16

Sales Tax Exemption Certificates. 16

Multiple Points of Use Certificate. 22

Sales Tax Holidays. 24

Special Situations. 24

Streamlined Sales and Use Tax Agreement 24

Use Tax. 25

Additional Use Tax Issues. 26

Buying and Selling a Business. 26

Sales Tax Audits. 27

Errors in Compliance. 28

Audit Best Practices. 28

Planning Topics. 29

Behavior Topics. 29

Prevention Topics. 30

Reverse Audits. 31

Additional Sales and Use Tax Topics. 31

Policies. 31

Training. 32

Software. 32

Review Questions. 33

Answers to Course Questions. 34

Glossary. 37

Index. 38

Final Examination…………………………………………………………………………………………………...40