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

  • CPA (US)
  • EA
  • Tax Preparer
  • CRTP
  • 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 (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 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 Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00344-20-O)
  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00344-20-O)
  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00344-20-O)

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. We are currently a small firm with virtual offices, growing at a fast pace and we need high quality talent. We primarily serve closely-held, mid-sized companies. This allows our partners and staff to experience a penumbra of issues, challenges and opportunities different than those afforded by Big-4 or Top 10 Accounting Firms.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, 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 continuing education requirement as 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.
  • 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

VS

Varry Stoddard, Tax Pros

Mar 24th, 2021

none

EC

Essie Cofield

Mar 23rd, 2021

Good information on excess fuel tax

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!

AD

Alexa Doyle, CPA (US)

Jan 20th, 2021

Not relevant to my current job, but engaging webinar.

NH

Nicole Haley, ACCT/BK, EA

Jan 20th, 2021

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

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

FREE

1 Credit

Subject Area

Taxes

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