Wayfair Update & Deep Dive
Author: Michael Bannasch
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for OTRPs
2 hours Federal Tax Law for CTEC |
How States are Moving to Tax Internet Sales in Wake of Supreme Court Decision
The U.S. Supreme Court recently decided the most significant state tax case in 25+ years when they ruled in South Dakota v. Wayfair that physical presence is not required for a state to impose a sales tax collection obligation on a remote seller. What does this ruling mean for your company or your clients? What do we know for sure, as opposed to just having to read between the lines? How should you react? This course will get you up to speed on where things stand five months after this monumental law change. Experienced multistate tax practitioner and instructor Michael Bannasch will guide you through the answers to these questions as well as practical steps you need to take now to prepare your business for collecting sales and use taxes in more states than ever.
Publication Date: November 2018
Designed For
CPAs and tax professionals in public practice or in industry who advise on or are responsible for sales tax compliance.
Topics Covered
- History of Wayfair case
- Dissecting the U.S. Supreme Court decision
- How other states are reacting
- What companies need to hear
- ASC 450 financial statement issues
- Compliance and Streamlined Sales Tax
Learning Objectives
- Identify the states of primary concern to their company or their clients for future sales tax compliance
- Recognize the need to proceed cautiously in order to not expose their company or clients to undue risk for periods prior to the Wayfair case
- Identify and apply the Streamlined Sales Tax programs to simplify the compliance process
- Describe the South Dakota Senate Bill 106
- Recognize arguments and true statements of South Dakota v. Wayfair
- Identify which state has the lowest threshold on sales made by out-of-state reatailers
- Identify which accounting standard provides guidance for loss of contingencies
- Differentiate U.S. Supreme court cases and how their decisions apply to your clients
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
