If you need to know how to classify your products and services correctly, then you are in the right place! This presentation will explore the basics of reviewing and updating your product taxability matrices, the concepts of bundled transactions and digital property, and how to apply taxability rules to your accounting system. We will also discuss identifying proper invoicing and reporting for audit examinations and the importance of Private Letter Rulings (PLRs) as an audit defense.
Learning Objectives
• Determine correct reporting of taxable products and services
• Recognize bundled transactions
• Identify proper invoicing and reporting for audit examination
Major Topics
• Have you seen your company's invoices, contracts and P.O.s?
• Reviewing and updating product taxability matrixes
• Applying taxability rule to accounting systems
• Understanding bundled transactions and digital property
• Audit defense - importance of Private Letter Rulings (PLRs)
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