Fuel and Far Between: Fuel Tax Opportunities and Pitfalls in 2021

  • Accountant
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

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:

  • Federal and state fuel excise tax history and overview
  • Licensing and reporting for various fuel-related activities
  • End-user activities leading to refunds and exemption opportunities
  • Recent legislation and case law impacting fuel tax reporting and refund claims
  • Selected case studies highlighting pitfalls and opportunities

Learning Objectives

  • To understand the basics of federal fuel excise tax, including licensing and reporting of transactions
  • To identify potential refunds and exposure items based on transaction profiles and fuel usage
  • To discover new avenues for cash flow increase via recent legislation and case law

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0349)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00344-20-O)
  • 1 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00344-20-O)
  • 1 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00344-20-O)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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 maintenance 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.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Geoff Garber

Partner, BRAYN Consulting LLC

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.

About Company

BRAYN Consulting LLC

brayn.com

BRAYN Consulting LLC is a fast-growing consulting firm that supports CPA firms and their clients in taking full advantage of specialty tax credits and incentives. Our services include the R&D Tax Credit, 45L Energy Efficient Tax Credit, 179D Energy Efficient Building Deduction, Cost Segregation, Employee Retention Tax Credit, Enterprise Solutions, Tax Controversy and more. Our 3-phase process includes a free phase 1 assessment, a detailed methodology and calculation and a thorough, complete deliverable for substantiation. The quality in our deliverable gives our clients accurate substantiation of the credit and security during a potential audit. We provide full audit support in the unlikely event that a client is audited.

What sets BRAYN Consulting LLC apart from our competitors is not only our collective years of experience, but the emphasis we place on building relationships, going above and beyond for our clients, and taking pride in the impact we make for our CPA partners, our clients, and the collective communities these tax incentives benefit.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.4

105 Ratings

Excellent

59

Very Good

35

Average

9

Poor

2

Terrible

0

LM

Leda Mahmoodi, CPA (US)

Jan 21st, 2021

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

Nicole Haley, Accountant, EA

Jan 20th, 2021

Thank you for another great webinar. It was a good refresher on Fuel Tax Credits, etc.

JC

John Carigma, EA

Jan 20th, 2021

Very informative. A great way to keep tax professionals updated.

AD

Alexa Doyle, CPA (US)

Jan 20th, 2021

Not relevant to my current job, but engaging webinar.

EC

Essie Cofield

Mar 23rd, 2021

Good information on excess fuel tax

Fuel and Far Between: Fuel Tax Opportunities and Pitfalls in 2021

FREE

1 Credit

Subject Area

Taxes

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