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Virginia Sales and Use Tax Update - Webinar

  • ID: 4126005
  • Webinar
  • March 2017
  • Region: United States
  • 100 Minutes
  • Lorman Business Center, Inc.
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Gain a better understanding of the Virginia sales and use tax reporting requirements.

For companies headquartered in Virginia, that sell into Virginia, or with physical locations in Virginia, an understanding of a taxpayer’s responsibilities under the Virginia Sales and Use Tax Act is essential.
Each year, the Department of Taxation issues rulings and administrative guidance that can affect your business and reporting requirements. The Virginia General Assembly adds new statutes pertinent to the Commonwealth’s sales and use tax.
A Virginia attorney with over 30 years of Virginia sales and use tax experience will help you navigate through the law, regulations, lore and court decisions. He will lay out a conceptual approach to resolving Virginia sales and use tax problems, and will weave in the impact of related local business taxes.
You will get an overview of the major elements of compliance, the source of applicable laws, tips on how to deal with audits, with substantive topics organized by industry where possible.

Learning Objectives
  • You will be able to identify exclusions and exemptions from sales and use taxes.
  • You will be able to discuss sales and use tax procedures and compliance.
  • You will be able to explain construction contractors in Virginia.
  • You will be able to review manufacturers in Virginia.
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Overview of Virginia Sales and Use Tax
- Sales Tax-Rates and General Rules on How to Analyze Sales Tax Issues
- The "Complementary" Use Tax-What Is It?

Exclusions and Exemptions From Sales and Use Taxes
- Rules of Statutory Construction
- Governmental and Commodities Exemptions
- Agricultural Exemptions
- Educational and Media Exemptions
- Miscellaneous Exemptions
- Manufacturing and Industrial Exemption
- Research and Development Exemption
- Medical Devices and Drugs Exemption
- Software and Technology

Sales and Use Tax Procedures and Compliance
- Warranties and Discounts; Transportation Charges
- Registration by Dealers; Exemption Certificates
- Collection by Dealers; Return and Payment Requirements, Statute of Limitations
- Audits, Deficiencies, Assessments, Penalties and Interest
- Administrative Protects, Offers in Compromise, Ruling Requests and Penalty Waivers

Manufacturers in Virginia
- Sales Tax Manufacturing Exemption
- Other Exemptions, Including BPOL Tax Exemption
- Planning Considerations

Contractors in Virginia
- Government Contractors
- Service Providers vs. Tangible Property Dealers
- Tax Treatment of Government Contracts
- True Object Test

Construction Contractors
- Real Property vs. Personal Property
- Repair, Remodel and Rehabilitation
- Landscaping
- Services vs. Materials

Other Related Local Business Taxes
- Gross Receipts Tax (BPOL and Its Exemptions)
- Business Tangible Personal Property Tax
- Machinery and Tools Tax
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James S. McNider III, Esq., James S. McNider, III P.L.C.
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This webinar is designed for accountants, CPAs, CFOs, controllers, accounts payable professionals, tax managers, presidents, vice presidents, bookkeepers and tax preparers.
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