Use Tax and Its Importance
Use tax is imposed on consumers of tangible personal property used in their state, especially on purchases from out-of-state vendors. Learn about use tax applications, examples, nexus concept, audit implications, and tips for a successful audit.
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Presentation Transcript
Use Tax Why its important to you! The 2017 International Radon Symposium
Use Tax Why its important to you! What is Use Tax? *The use tax is imposed on consumers of tangible personal property that is used, consumed, or stored in their state. Consumer's use tax applies to purchases from out-of-state vendors that are not required to collect tax on their sales. * SalesTaxInstitue.com The 2017 International Radon Symposium
Use Tax Why its important to you! Example A Massachusetts company purchases a tangible product from a vendor in New York. The Vendor in New York does not charge Mass Sales Tax on Purchase. The goods are then used in the state of Massachusetts. This triggers a Use Tax liability. The 2017 International Radon Symposium
Use Tax Why its important to you! Nexus Nexus is just a fancy word for presence . If a company has presence in a state, that qualifies for nexus. Presence can be an employee, office, distribution center, or warehouse. If a company does not have nexus in your state, they are not required to charge sales tax on sales to businesses in that state. The 2017 International Radon Symposium
Use Tax Why its important to you! What if I m audited? The 2017 International Radon Symposium
Use Tax Why its important to you! Tips for a successful audit Have everything they ask for. Be Organized Schedule on Friday s! Questions? The 2017 International Radon Symposium
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