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
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.
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
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.
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.
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
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.
If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
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.
Refund/Cancellation Policy
For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).
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
Jan 20th, 2021
Not relevant to my current job, but engaging webinar.
NH
Nicole Haley, , EA, Tax Pros
Jan 20th, 2021
Thank you for another great webinar. It was a good refresher on Fuel Tax Credits, etc.
