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Course Level :Basic
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Credits :1
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Instructional Method :Group Internet Based
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Pre-requisites :None
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Advance Preparation :None
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:
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.
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.
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.
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.
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.
105 Ratings
LM
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
Jan 20th, 2021
Thank you for another great webinar. It was a good refresher on Fuel Tax Credits, etc.
JC
Jan 20th, 2021
Very informative. A great way to keep tax professionals updated.
AD
Jan 20th, 2021
Not relevant to my current job, but engaging webinar.
EC
Mar 23rd, 2021
Good information on excess fuel tax
1 Credit
Subject Area
Aug 09, 2022 | 11:00 AM EDT
Aug 09, 2022 | 11:00 AM EDT
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