Identify the benefits and limitations of automation and the considerations to weigh prior to selecting an automation solution, presented by Tram Le and Meredith Smith at Lorman CPE.
Sales Tax Automation:
Set It But Don’t Forget It
July 18, 2023 | 11:00 am – 12:40 pm MT
CPE 2.0 including Taxes 2
As businesses expand across jurisdictions, sales and use tax gets more challenging, increasingly pushing business taxpayers to consider automated solutions as one tool in the toolkit of their state and local compliance program. With so many options available, how’s a taxpayer to choose? Tram Le and Meredith Smith explore the genesis of sales and use tax as the foundation for understanding how nexus is determined and the potential tax liabilities — and risk — that nexus incurs on your clients.
They will also discuss who collects sales and use tax and why, then help you identify the benefits and limitations of automation and the questions and considerations to weigh prior to selecting an automation solution. Finally, our presenters establish what a comprehensive sale and use tax compliance program looks like element by element to help clients minimize risk and stay compliant as their business grows.
Learning Objectives
- You will be able to describe who collects sales and use tax and why.
- You will be able to identify the benefits and limitations of automation.
- You will be able to discuss pre-automation questions and considerations for selecting manual or automation solutions.
- You will be able to explain the breadth of issues involved in a complete compliance program for sales and use tax.
Agendas
Discuss an Overview of Sales and Use Tax
- Sales and Use Tax Life Cycle and Nexus
- Who Collects Sales and Use Tax
- Sales and Use Tax Audits
Benefits and Limitations of Automation
- Benefits and Limitations
- Cost of Non-Compliance
- Where Automation Falls Short
Selecting Sales Tax Software
- Pre-Automation Questions and Considerations
- Comparing Automation Solutions
- Selecting Automation Solutions
You Have Software – Now What?
- Sales and Use Tax Compliance Plan
- Registration, Tax Types, and Returns
- Nexus Setup and Mapping
Other Considerations
- Exemption Certificates
- Manual vs. Automation Solutions
- In Summary
Faculty
Tram Le, CPA, JD, LLM
TaxOps
Tram Le, CPA
- Senior manager
- Specializes in tax strategies for growing multi-state businesses, works closely with clients in all aspects of state and local tax (SALT) issues, and assists businesses in responding to notices issued by taxing jurisdictions
- Consults clients with complex tax issues and negotiations with state and local government
- Serves as an adjunct professor at the University of Texas at Arlington, where she teaches technical SALT topics to graduate-level students
- Government financial and forensic watchdog experience with the U.S. Government Accountability Office (GAO) and with the Treasury Inspector General for Tax Administration (TIGTA)
- J.D. degree, LL.M. degree
Meredith Smith
TaxOps
- 15+ years of combining technical knowledge with an in-depth understanding of state and local tax (SALT) issues and business strategy
- Practice covers state income tax, property tax, sales and use tax, and business incentives and credits
- Expertly navigates the web of tax laws governing SALT matters
- Performs nexus studies, identified risk areas, and designs sustainable planning opportunities to achieve tax-specific business goals
- Former KPMG
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