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Arkansas Sales and Use Tax for Manufacturers  

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This basic-to-intermediate level program is appropriate for CPA's, general accounting, accounts payable, accounts receivable, tax, finance managers, controllers, financial directors and vice-presidents, enrolled agents, and other tax specialists. This program will also benefit attorney's who want to better understand the impact of sales and use taxes on their Arkansas manufacturing clients.

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Seminar Summary:

Minimize Tax Liabilities (see full course description)

 

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Training Course Syllabus:


Minimize Tax Liabilities


Sales and use tax is one area that is often overlooked when it comes to finding cost-efficient ways to run a manufacturing business. Now you can provide your business with sure-fire ways to minimize tax exposure and take advantage of sales and use tax exemptions unique to the manufacturing field.


This seminar will provide you with the information you need to find some of the "buried" savings that are often missed. Review recent legislative developments affecting manufacturers and target some of the areas of sales and use tax exposure for manufacturers. You´ll also take a close look at manufacturing exemptions, as well as administration, compliance and audits. The program also includes an overview of miscellaneous tax issues, such as bad debts and cash discounts. Don´t miss this opportunity to reduce your liability through the latest tax saving techniques.


Uncover "buried" tax provisions that will help to reduce expenses!



  • Explore recent legislative developments and how they impact you

  • Put together an action plan for minimizing sales and use tax exposure

  • Find out how manufacturing exemptions can work to your advantage

  • Get practical tips for administration, compliance and audits

  • Learn how to respond to tax issues such as bad debts, cash discounts, and county taxes



  1. INTRODUCTION AND OVERVIEW ARKANSAS SALES (GROSS RECEIPTS) AND USE TAXES

    Michael O. Parker, 8:30 - 9:15

    1. Nature and Purpose of Tax

    2. Tax Rates

    3. Coverage and Exclusions - Sales Tax

    4. Coverage and Exclusions - Use Tax

    5. Exclusions and Exemptions in General

    6. Liability and Collection

    7. Permits and Registration

    8. Relation to Other Taxes



  2. MANUFACTURING MACHINERY AND EQUIPMENT EXEMPTION -MANUFACTURERS´ EXEMPTION

    James M. Saxton, 9:15 - 10:00

    1. Overview

    2. Machinery and Equipment Exemption

    3. Identifying Exempt Equipment

    4. Replacement in Entirety

    5. Specific Types of Equipment

    6. Pollution Control Equipment

    7. Fuels, Lubricants and Supplies

    8. Use of Contractors

    9. Rentals and Leasing



  3. LEGISLATIVE, JUDICIAL AND REGULATORY DEVELOPMENTS

    Martha G. Hunt, 10:15 - 11:00

    1. Arkansas Supreme Court Decisions

    2. Legislative Changes



  4. THE MANUFACTURING PROCESS AND RELATED PURCHASES

    Michael O. Parker, 11:00 - 11:30

    1. Purchase for Resale Exemption - Generally

    2. Ingredients/Components - Traditional Tests

    3. Chemicals and Catalysts



  5. SERVICE TO MACHINERY AND EQUIPMENT

    James M. Saxton, 11:30 - 12:00

    1. Refurbishing and Repair

    2. Special Exemptions

    3. Special Circumstances

    4. Jurisdiction



  6. SALES & USE TAX ISSUES INVOLVED IN PLANT CONSTRUCTION

    Martha G. Hunt, 1:00 - 1:45

    1. Construction Contractors

    2. Taxable and Nontaxable Services Performed by Contractors

    3. Purchases by Contractors

    4. Contractors Who Also Manufacture or Fabricate Tangible Personal Property

    5. Sales Tax Rate Increases and Materials Purchases

    6. Special Foundations

    7. Mechanical Devices

    8. Heating and Air Conditioning Systems

    9. Service Contracts

    10. Contract Labor



  7. INDUSTRIAL INDUCEMENTS

    Michael O. Parker, 1:45 - 2:15

    1. Specialized Programs

    2. Introduction to the Consolidated Act

    3. Tiers

    4. Retention Sales and Use Tax Credit (Investark)

    5. Sales and Use Tax Refund for New and Expanding Eligible Businesses - Tax Back

    6. Sales and Use Tax Refund for Targeted Businesses

    7. Grants and Infrastructure Programs



  8. SALES BY MANUFACTURERS

    Michael O. Parker, 2:30 - 3:30

    1. Sales of Product

    2. Discounts

    3. Trade-Ins

    4. Repair/Exchange of Products

    5. Bad Debts/Bankruptcies

    6. Marketing and Advertising

    7. Withdrawals From Stock



  9. ADMINISTRATION AND COMPLIANCE

    Martha G. Hunt, 3:30 - 4:40

    1. Permits, Filing and Remitting Requirements

    2. Prepayments, Electronic Filing and Other Requirements

    3. Refund Claims

    4. Audits

    5. Administrative Hearings, Judicial Remedies

    6. Other Procedural Matters




Agendas and Speakers may differ slightly depending on the location. Please e-mail or call a representative to obtain an agenda for a particular location.

Seminar Summary:

Minimize Tax Liabilities (see full course description)

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