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

Note: CLE credit is not offered on this program

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

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Wednesday, July 6, 2022 (in 6 days)

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

(Alert: Event date has changed from 7/7/2022!)

or call 1-800-926-7926

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.

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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?

Faculty

Boer, Rich
Rich Boer

Director
FORVIS

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Gentile, Matt
Matt Gentile

Director
FORVIS

Mr. Gentile is a director with DHG’s State & Local Tax group. He has more than 16 years of experience serving...  |  Read More

Pierzchalski, Jim
Jim Pierzchalski

Director
FORVIS

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Varnell, Tommy
Tommy Varnell, CPA

Director
FORVIS

Mr. Varnell is a director in DHG’s Atlanta office, specializing in State and Local Tax (SALT) matters. He...  |  Read More

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