Sales and Use Tax Accounting (CPE Course)

CPE Credit: 2 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $25

Sales and Use Tax Accounting - Thumbnail.jpg

Course Description
This course is designed to keep a business compliant with local sales and use tax regulations, thereby avoiding expensive fines and penalties. It does so by noting when sales and use taxes should be applied to a transaction and how to calculate and pay those taxes. The course also covers many special situations, such as sales tax exemptions, dealing with over- or under-collections of sales taxes, private letter rulings, sales tax holidays, and how to deal with a sales tax audit. It also addresses economic nexus, which requires that sellers collect sales taxes for sales made into other states. This course is an essential tool for the proper application of sales and use taxes within an organization.

Author: Steven Bragg

Course Number: AC1110

Learning Objectives

  • Identify the methods used to remit sales taxes to a government.

  • Specify 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.

  • Specify 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.

  • Specify 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.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: January 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

CPE-Sponsor-Logo.jpg

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.