August in the SALT Practice – 5 Hotspots Checklist:
- Nexus: Sales into which states; Employees in which states; Independent contractors in which states; Conferences attended.
- Rates & Product Taxability: Verify sample of rates; Make sure tax is collected.
- Use Tax: Do you have a process in place to track use tax? Make a purchase and don’t pay sales tax? Look for use tax issues. Pulling inventory off the shelf, even gifts to charity? Sample of fixed assets.
- Exemption Certificates: Do you have a process in place to collect and validate certificates? Review samples of certificates signed, not expired, correct permit number.
- Returns: Is there a process in place to file returns? Are you taking advantage of necessary discounts for prepayment?
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