Learn how evolving sales tax laws impact drop shipments and how to ensure compliance across various states.
Many retailers and suppliers engage in transactions that are known as Drop Shipments without full consideration of the tax effects. In light of the Supreme Court’s decision in South Dakota v. Wayfair, Inc., et al., nearly every state that imposes Sales and Use Taxes has amended their laws, regulations, and guidance to force out of state retailers and suppliers to collect Sales Taxes on their behalf. Despite some commonalities, the various laws are frequently inconsistent and counterintuitive.
This topic will help the attendee identify Drop Shipments and determine when their business or client may need to collect Sales Taxes in the various states, specifically focusing on the federal Constitutional underpinnings and the ways states have chosen to update their laws, regulations, and guidance, as well as determine the best way to bring their business or client into compliance.
Learning Objectives
- You will be able to define drop shipments.
- You will be able to describe when drop shipments are used and the roles of the different parties.
- You will be able to explain the tax consequences of drop shipments for the retailer, supplier, and customer.
- You will be able to explain the tax consequences of drop shipments for the retailer, supplier, and customer.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
| What Is a Drop Shipment and Why Are They Used? | |
| What Is the Location of the Sale in a Drop Shipment? | |
| Tax Treatment of the Parties | |
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| How Much Is the Sales/Use Tax? | |
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| What Is Nexus and How Much Is Enough to Be Substantial? | |
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| Am I in Compliance? | |
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| Questions | |
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
Live Webinar Registration
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
CPE 2.0 including Taxes 2
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub 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 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
OnDemand Course
This course was last revised on August 24, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Who should attend?
This live webinar was designed for accountants, CFOs, controllers, tax managers, presidents, vice presidents, business owners and managers, bookkeepers, and tax preparers.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Matthew E. Foreman, Esq., LL.M
Falcon Rappaport & Berkman LLP
- Partner and Co-chair of Taxation Practice Group at Falcon Rappaport & Berkman LLP
- Advises businesses on the tax effects of a variety of corporate transactions, including taxable and tax-free reorganizations, mergers, sales, and acquisitions
- Conducts regular seminars and workshops on a variety of areas in taxation, specifically, Tax considerations for businesses entering the United States and Sales and Use Taxes post-Wayfair
- Admitted to practice law in New York State and New Jersey, and admitted to practice before the United States Tax Court; Member, New York City Bar Association; Secretary, State and Local Tax Committee of New York City Bar Association; Member, Task Force on Digital Technologies; Member, Tax Section of New York State Bar Association
- Rated as a New York Metro SuperLawyer in the field of Taxation
- LL.M. Degree in taxation, New York University School of Law; J.D. Degree, The Pennsylvania State University, Dickinson School of Law; B.S. Degree, University at Albany, State University of New York
- Can be contacted at 212-203-3255 or mforeman@frblaw.com
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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