Tax Issues for Manufacturers and Distributors: State Incentives and Credits, Sales Tax Compliance, R&D Credit

About the Course

Introduction

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.

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.

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).

Date + Time

event
Wednesday, July 6, 2022
schedule
1:00 p.m. ET./10:00 a.m. PT

Recent federal legislation providing tax breaks
1. R&D Tax Credit
2. Work Opportunity Tax Credit
3. Other incentives
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
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
Best practices for tax professionals

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?

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.

BARBRI, 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

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

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .