Every tax preparer and accountant somewhere along the lines needs to have a fundamental basic understanding of bookkeeping in order to ensure they are using the correct numbers when preparing a tax return or otherwise presenting financial information to their client.
Sales and Use Tax
- Learn the basics about what Sales Tax and Use tax is, and the legal precedent that causes them to exist
- Discover what Nexus is and the differences in the different types of Nexus, and what a Home Rule location is
- Understand the difference between taxable and nontaxable items for sales and use tax considerations
- Learn basics about recording sales tax transactions using T account examples
- Learn some ways sales tax is reported to different taxing agencies