Tax Issues for Manufacturers and Distributors: CARES Act, Sales Tax Compliance, Capital Expenses, Equipment, Credits

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A


Tuesday, September 29, 2020 (in 3 days)

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

or call 1-800-926-7926

This webinar will guide tax professionals through key tax challenges for manufacturers and distributors. The panel will discuss opportunities under the CARES Act and other regulations, new 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.

Recent federal tax legislation includes significant breaks for manufacturers and distributors. The CARES Act contains tax provisions designed to provide refunds from previously paid income taxes that reduce future tax liability. It also increases the Research & Development (R&D) Tax Credit. Also, other credit and incentives are available, such as the Jobs Tax Credit, Retraining Tax Credit, and the Work Opportunity Tax Credit. Tax professionals must understand the strict eligibility requirements and related procedures of these incentives 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 key tax items for manufacturers and distributors.

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Outline

  1. Recent federal legislation providing tax breaks
    1. CARES Act
    2. R&D Tax Credit
    3. Work Opportunity Tax Credit
    4. 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 activities that are ancillary to turning out a product?

Faculty

Johnson, Bob
Bob Johnson, Jr.

Partner
BKD CPAs & Advisors

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Pierzchalski, Jim
Jim Pierzchalski

Director
BKD CPAs & Advisors

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Taylor, Ken
Ken Taylor

Director
BKD CPAs & Advisors

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 |  Read More

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