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
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