Sales and Use Tax Accounting discusses when to apply sales and use taxes to a transaction. This course addresses the calculation of these taxes, when exemptions may apply, how to remit tax receipts to the government, and how to present the related tax liability in the financial statements. Author Steven M. Bragg also covers many special situations such as dealing with over or under collections of sales taxes, private letter rulings, sales tax holidays, and how to deal with a sales tax audit.
Upon successful completion of this course, participants will be able to:
- Identify the methods used to remit sales taxes to a government.
- Note the different requirements for obtaining a sales tax license.
- Recognize the rules for how and when to charge sales tax.
- Recall the proper accounting to be used for all types of sales tax transactions.
- Note the proper presentation of sales tax liabilities in the financial statements.
- Identify the correct treatment of over- and under-collections of sales taxes.
- Recall the excuses that may be accepted for not submitting a sales tax return.
- Note the key characteristics of a private letter ruling.
- Recall how a multiple points of use certificate is to be used.
- Identify the situations in which use tax is to be paid.
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