Fuel and Far Between: Fuel Tax Opportunities and Pitfalls in 2021 1 Credit 1 Credit
Learning mode
Are you reviewing your
clients’ excise tax liabilities and opportunities regularly? Many CPAs and
in-house accountants are not aware of significant fuel tax refund opportunities
available in 2021. Fuel tax reporting and refunds touch a large range of
companies, from upstream refiners, operators, and blenders to midstream
marketers and carriers to the commercial end-users like waste hauling and
concrete companies. Oil and gas and energy companies often do not regularly
audit their transactions and systems for fuel tax impacts, which can lead to
lengthy audits and significant overpayments, penalties, and interest.
The federal government and states
vary widely in their treatment of fuel production, import, export,
transportation, and use, which leads to confusion, errors, and lost cash flow.
The same activity or transaction may be considered non-taxable or exempt under
federal law but is taxable and reportable under state law. The lack of
uniformity requires significant attention to detail and constant review of
state and federal laws, regulations, and court opinions. Additionally,
companies may be missing out on significant refund opportunities due to the
CARES Act and recent case law, especially companies in the biodiesel and
alternative fuels space.
Fuel consumers with fleets of
vehicles and equipment can potentially offset their significant fuel expenses
with tax refunds due to non-taxable usage. The federal government and all 50 states
have some form of fuel tax refunds, but each jurisdiction is different as to
what uses, fuel types, and industries are eligible. Further, the process,
documentation, rates, and audits for fuel tax refunds vary greatly from
jurisdiction to jurisdiction.
This free CPE webinar will
cover:
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00344-20-O) | 1 CE | Approved |
| Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00349) | 1 CE | Approved |
| Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00344-20-O) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00344-20-O) | 1 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00344-20-O) | 1 CE | Approved |
| Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00349) | 1 CE | Approved |
| Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00344-20-O) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00344-20-O) | 1 CE | Approved |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.com.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
I support CPAs and their business clients in the areas of R&D tax credits, motor fuel tax refunds, and other specialty tax opportunities. I service clients in the manufacturing, architecture, engineering, construction, software, oil & gas, distribution, and biotechnology industries. In addition, I have successfully represented clients undergoing audits before the IRS and various state revenue departments for both R&D tax credit and fuel excise tax matters.
What is Self Study (QAS)?
Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn CPE credits through self-study?
To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.
Are the self-study courses approved by NASBA and other regulatory bodies?
Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.
What are the requirements to maintain compliance with self-study courses?
To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
How can I access my course completion certificates?
After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
What is a Live Webinar Group Internet-Based Credit?
A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn credits through live webinars?
To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Are the live webinars approved by NASBA and other regulatory bodies?
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
What are the requirements to maintain compliance with live webinar courses?
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
LM
I enjoyed the presentation and was enlightened by the schematic on the flow of fuel and taxes. Geoff Garber's method of presentation provided a comprehensive view of the issues and opportunities related to fuel taxes. Thanks!
NH
Thank you for another great webinar. It was a good refresher on Fuel Tax Credits, etc.
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.webp "Annual Federal Tax Update - Individuals (Form 1040)")
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