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
Recording of a 110-minute CPE webinar with Q&A
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.
Outline
- Recent federal legislation providing tax breaks
- R&D Tax Credit
- Work Opportunity Tax Credit
- Other incentives
- State sales tax challenges for manufacturers and distributors
- Recent state legislation
- Sales tax implications of selling to retailers and directly to consumers
- Taxation of manufacturing equipment
- Other key issues
- Sales tax exemptions
- State income tax challenges for manufacturers and distributors
- Increased nexus rules
- Economic/factor nexus
- Affiliate/attributional nexus
- Internal Revenue Code conformity
- Apportionment
- Gross receipts taxes
- State legislation and audit activity
- NOL suspensions or limitations
- Credit utilization
- Nexus questionnaires
- Increased nexus rules
- 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
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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
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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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
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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