Manufacturers – Ways to Avoid Large Financial Risks if Audited for Sales and Use Taxes (OnDemand Webinar)

$219.00

SKU: 405026EAU

Description

Gain a better understanding of the exemptions that apply to Wisconsin manufacturers and the requirements to claim the exemptions.
Gain a better understanding of the exemptions that apply to Wisconsin manufacturers and the requirements to claim the exemptions. Wisconsin’s sales and use tax law is very complex for manufacturers. As a result, many errors are made by manufacturers, including both underpayments and overpayments of tax. The Wisconsin Revenue Department audits many manufacturers which often results in large tax liabilities, interest and penalties. This topic will help you identify exemptions that directly and indirectly apply to your manufacturing operations and the requirements that must be met to claim the exemptions. You will also obtain information to help you improve your compliance with the sales and use tax law and avoid large financial risks if audited.

Date: 2019-01-15 Start Time: End Time:

Learning Objectives

Overview of Wisconsin Sales and Use Taxes

Manufacturing
• What Is Manufacturing? – Six Requirements That Must Be Met
• Scope of Manufacturing – Where Does Manufacturing Begin and End, What’s Included in the Process?
• Who Are Manufacturers?

Exemptions That Directly Apply to Manufacturers
• Machinery and Equipment
• Ingredients and Consumables
• Fuel and Electricity
• Containers and Packaging Materials

Manufacturing Related Issues
• Waste Treatment Exemption
• Research and Development and Prototypes
• Waste Reduction and Recycling Exemption

Other Exemptions That May Apply to Manufacturers (Including Those Often Overlooked)

Sales by Manufacturers

Tips to Avoid Costly Audits and Penalties

Jack E. De Young, CPA-De Young Tax Consulting