Sales & Use Tax for Manufacturers (Completed)

Date: Wednesday, August 21, 2019
Instructor: Michael Bannasch
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Manufacturers have many sales/use tax exemptions in place in states around the country, but the rules are not at all consistent. Even manufacturers operating in only one state can have trouble understanding the rules for their own state – leading to large audit assessments – let alone those operating in multiple states or sellers with customers in multiple states. How are these manufacturers and sellers supposed to keep it all straight? A great starting place is this webinar, designed to both provide a good foundation for those with limited experience in the area, while also providing some higher-level thoughts for those looking for those one or two nuggets that could make a big impact on their business.

Who Should Attend
CPAs in public practice or industry who advise on or are responsible for sales/use tax in the manufacturing industry.

Topics Covered

  • What is manufacturing — it might be broader than you think
  • When does the manufacturing process begin and end
  • Taxable vs. exempt status of purchases of equipment and consumables
  • Dealing with dual-use assets, such as lift trucks
  • What exemptions are available for utilities consumed by manufacturers
  • Exemption certificate management from the seller's perspective

Learning Objectives

  • Recognize the parts of their business process that qualify for exemption
  • Identify the items they can purchase exempt from sales & use tax
  • Describe how to ensure their records are sufficient to survive a use tax audit

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A fundamental understanding of the concepts of sales/use tax.

Advance Preparation
None

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