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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Wednesday, July 6, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$247.00
CPE
ALL

This course will guide tax professionals through key tax challenges for manufacturers and distributors. The panel will discuss opportunities for federal and state tax incentives, sales and use tax implications and exemptions, capital expenses, NOLs, and other essential tax items.

Faculty

Rich Boer
Director
FORVIS, LLP

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Matt Gentile
Director
FORVIS, LLP

Mr. Gentile is a director with DHG’s State & Local Tax group. He has more than 16 years of experience serving a variety of industries including life sciences, pharmaceuticals, manufacturing, apparel and telecommunications. Mr. Gentile has experience leading restructuring projects that allow clients to optimize their tax position across state income and franchise tax, sales and use tax and federal excise tax. Additionally, he has co-developed implementation workplans with client stakeholders that detailed implementation steps, responsibilities, timing and documenting the outcome of restructurings with technical memoranda.

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Jim Pierzchalski
Director
FORVIS, LLP

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Tommy Varnell
Director
FORVIS, LLP

Mr. Varnell is a director in DHG’s Atlanta office, specializing in State and Local Tax (SALT) matters. He primarily focuses on indirect tax and unclaimed property matters, but his versatile background allows him to get involved in other areas as well. Mr. Varnell possesses 15 years of tax experience, with a blend of both consulting and industry. He has had involvement with a wide variety of industries including manufacturing, service, retail, transportation, healthcare, telecommunications and technology. Mr. Varnell is involved in the following types of services at DHG: nexus studies, voluntary disclosures, tax / unclaimed property compliance, product and service taxability analyses, reverse audits, compliance reviews, audit defense, credit / incentive analyses, ASC 450 assistance (formerly FAS 5), and general tax research in a wide variety of areas.

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Description

Manufacturers and distributors have significant federal and state tax compliance and reporting obligations. These companies cannot afford to lose track of the latest actions on manufacturing or production sales tax regulations, reporting and exemptions, or any federal commitments and opportunities.

Federal and state tax legislation includes targeted breaks for manufacturers and distributors. Manufacturers and distributors benefit significantly from the Research & Development (R&D) Tax Credit. Also, other credits and incentives are available, such as the Jobs Tax Credit, Retraining Tax Credit, and the Work Opportunity Tax Credit. Tax professionals must understand these incentives' strict eligibility requirements and related procedures to ensure optimum tax benefits for manufacturers and distributors.

Furthermore, state tax laws can have complicated compliance and reporting hurdles but may also provide incentives or exemptions. Manufacturers and distributors must recognize state sales and use tax implications when selling to retailers or directly to consumers, and how to avoid sales tax on purchases related to activities that are ancillary to production.

Listen as our panel discusses opportunities under recent federal and state legislation, tax incentives, sales and use tax implications, exemptions, capital expenses, NOLs, and other essential tax items for manufacturers and distributors.

Outline

  1. Recent federal legislation providing tax breaks
    1. R&D Tax Credit
    2. Work Opportunity Tax Credit
    3. Other incentives
  2. State sales tax challenges for manufacturers and distributors
    1. Recent state legislation
    2. Sales tax implications of selling to retailers and directly to consumers
    3. Taxation of manufacturing equipment
    4. Other key issues
    5. Sales tax exemptions
  3. State income tax challenges for manufacturers and distributors
    1. Increased nexus rules
      1. Economic/factor nexus
      2. Affiliate/attributional nexus
    2. Internal Revenue Code conformity
    3. Apportionment
    4. Gross receipts taxes
    5. State legislation and audit activity
      1. NOL suspensions or limitations
      2. Credit utilization
      3. Nexus questionnaires
  4. Best practices for tax professionals

Benefits

The panel will discuss these and other key issues:

  • What opportunities are available under the CARES Act for manufacturers and distributors?
  • What tax credits and other incentives are available under recent legislation?
  • What are the state sales and use tax implications and exemptions?
  • What states have recently issued legislation impacting manufacturers and distributors?
  • What states have, or will expand, manufacturers' exemptions, and which industries can capitalize?
  • What are the sales tax implications of selling to retailers and directly to consumers?
  • How can companies avoid sales tax on purchases related to ancillary activities to turn out a product?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize the state sales and use tax implications and exemptions for manufacturers and distributors
  • Identify what states have, or will expand, manufacturers' exemptions and which industries can capitalize
  • Recognize the sales tax implications of selling to retailers and directly to consumers
  • Acquire methods to capitalize on manufacturing/production sales tax exemption in multiple states
  • Determine what types of industries qualify for the sales tax break on manufacturing equipment and utilities
  • Understand how to avoid sales tax on purchases related to activities that are ancillary to turning out a product

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years plus business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of practical guidance to avoid the most common and costly risk areas in corporate tax compliance, exemptions, deductions, net operating losses, and sales and use tax compliance.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).