Sales and Use Tax

1. Introduction
2. Sales and Use - Your Approach  - Rules and Changes 00:01:13
3. Sales and Use - Your Approach  - Determining State Jurisdiction 00:21:01
4. Sales and Use - Your Approach - Nexus - Physical vs. Economic Presence 00:31:42
5. Sales and Use - Your Approach - Nexus - Questions/Issues 00:41:00
6. Sales and Use - California Example 00:47:40
7. Sales and Use - More New Laws on the Books - Washingon State, California & Colorado 00:53:26
8. Sales and Use - More New Laws on the Books - Kentucky & New York 00:58:10
9. Sales and Use - More New Laws on the Books - North Carolina, Oklahoma, Pennsylvania, South Dakota, Texas, Iowa, & Wisconsin 01:01:43
10. Sales and Use –More States Are Showing Still Very Active in 2023 - Arizona and Georgia, New Mexico, and New York 01:09:56
11. Sales and Use –More States Are Showing Still Very Active in 2023 - North Carolina, Oklahoma, Rhode Island, South Dakota, and Tennessee 01:16:30
12. Sales and Use –More States Are Showing Still Very Active in 2023 - West Virginia and Wisconsin 01:22:35
13. Protect Yourself 01:35:30
14. Attendee Questions 01:36:56
15. Presentation Closing 01:42:24

• Bitcoin 00:21:44
• Blockchain 01:09:29
• Contract 00:46:12
• Cryptocurrency 00:21:58
• Due Diligence 00:02:36, 00:30:11
• Economic Presence Nexus 00:29:32, 00:46:17
• Exempt 00:09:25
• Form 1099-DA 00:23:22
• Independent Contractor 00:12:08, 00:38:13
• Intangible Personal Property 00:
• Intangible Property 00:26:54
• Liability 00:14:06
• Marketplace Facilitators 00:33:24, 00:34:51, 00:46:41, 00:57:26, 01:17:22
• Nexus 00:02:54, 00:04:00, 00:05:23, 00:17:03, 00:21:19, 00:28:24, 00:34:31, 00:43:20, 00:56:05
• Non-Fungible Tokens (NFT) 00:23:41, 01:09:19
• Physical Presence Nexus 00:01:42, 00:12:22, 00:17:35, 00:27:32, 00:44:54
• Private Letter Ruling 01:21:44
• Real Property 00:
• Revenue 00:01:36, 00:47:35
• Tangible Personal Property 00:04:56, 00:47:13
• Tangible Property 00:57:30
• Transaction 00:49:53, 01:11:37

Bitcoin: Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Blockchain: Blockchain.com is a Bitcoin block explorer service, as well as a cryptocurrency wallet supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, stats, and market information.

Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

Cryptocurrency: A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a digital ledger or computerized database using strong cryptography to secure transaction record entries, to control the creation of additional digital coin records, and to verify the transfer of coin ownership.

Due Diligence: Due diligence is a process or effort to collect and analyze information before making a decision or conducting a transaction so a party is not held legally liable for any loss or damage. The term applies to many situations but most notably to business transactions.

Economic Presence Nexus: Economic Presence Nexus is a legal term that refers to the requirement for entities conducting business in a state, including professional service firms, to collect and pay tax on income derived in that state even though the business may lack a physical presence.

Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage

Form 1099-DA: This form is specifically designed to handle the reporting for cryptocurrency and digital assets.

Independent Contractor: An independent contractor is a person or entity contracted to perform work or provide services to another entity as a non-employee. As a result, independent contractors must pay their own Social Security and Medicare taxes. - Investopedia (https://www.investopedia.com/)

Intangible Property: Intangible property, also known as incorporeal property, describes something which a person or corporation can have ownership of and can transfer ownership to another person or corporation, but has no physical substance, for example brand identity or knowledge/intellectual property. (en.wikipedia.org)

Liability: In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

Marketplace Facilitators: Marketplace facilitators and sellers with at least $250,000 in total annual sales are required to collect and remit Connecticut sales tax starting December 1, 2018. Marketplace facilitators are businesses that facilitate retail sales for other sellers through a physical or online forum or platform.

Nexus: The term nexus is used in tax law to describe a situation in which a business has a "nexus" or tax presence in a particular state or states. A nexus is basically a connection between a taxing jurisdiction, like a state, and an entity like a business that must collect or pay the tax.

Non-Fungible Tokens (NFT): A non-fungible token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

Physical Presence Nexus: States have looked for ways to establish nexus with companies so that they can collect sales tax. The easiest way to establish nexus is through physical presence. Physical presence includes but is not limited to: Owning or renting an office, having a mailing address, having a warehouse, having employees, maintaining inventory stores, and having an affiliate

Private Letter Ruling: Private letter rulings, in the United States, are written decisions by the Internal Revenue Service in response to taxpayer requests for guidance.

Real Property: Real property is land and any property attached directly to it, including any subset of land that has been improved through legal human actions. Examples of real properties can include buildings, ponds, canals, roads, and machinery, among other things

Revenue: In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest, royalties, or other fees.

Tangible Personal Property: Tangible Personal Property Tax is an ad valorem tax assessed against the furniture, fixtures and equipment located in businesses and rental property. Ad valorem is a Latin phrase meaning “according to worth”. This tax is in addition to your annual Real Estate or Property Tax.

Transaction: In QuickBooks, a transaction type identifies what kind of transaction occurred, such as a customer transaction, bill payment or a bank transfer. When you submit a transaction, you type in a transaction code to represent it.