Course Description
Get crucial tax strategies you need to lessen sales and use tax liabilities for Kentucky manufacturers.
Manufacturers may qualify for numerous exemptions and exclusions from sales and use tax, which may greatly reduce overall costs. Increased interest in sales and use tax collections make it more important than ever for Kentucky manufacturers to ensure compliance in order to avoid substantial liabilities. Failure to meet all of the documentation requirements may result in the assessment of tax, penalties and interest.
This seminar will contain an in-depth review of sales and use taxes as they apply to manufacturers doing business in Kentucky, along with many of the common opportunities and pitfalls that frequently surprise businesses operating in the manufacturing industry. Register today to sharpen your skills and learn ways to operate within the rules to reduce sales and use tax liabilities.
Who should attend?
This seminar is designed for controllers, CFOs, tax managers
and officers, enrolled agents, purchasing agents and buyers, inventory
managers, bookkeepers, accountants and attorneys.
Benefits for You
- Discover how to facilitate audit preparedness
- Determine what is taxable and what is not
- Walk through common purchase exemptions
Learning Objectives
- You will be able to describe recent changes in the law.
- You will be able to explain available purchase exemptions for manufacturers.
- You will be able to identify sales exemptions for manufacturers.
- You will be able to discuss audits, refunds and administrative compliance.
Agenda
8:00 AM - 8:30 AM |
Registration |
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8:30 AM - 10:00 AM |
Kentucky Law Update |
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— Erica L. Horn, J.D., CPA |
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- 2014 Legislative Changes
- 2013 - 2014 Tax Decisions and Pending Litigation
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10:00 AM - 10:10 AM |
Break |
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10:10 AM - 11:15 AM |
Overview of the Kentucky Sales and Use Taxes |
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— Erica L. Horn, J.D., CPA and Steven Lenarz, J.D., CPA |
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- Background
- Taxable Transactions
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11:15 AM - 12:00 PM |
Purchase Exemptions for Manufacturers |
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— Erica L. Horn, J.D., CPA and Steven Lenarz, J.D., CPA |
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- Purchases for Resale
- Raw Materials
- Industrial Tools
- Industrial Supplies
- Items Not Reusable at the End of a Manufacturing Cycle
- Repair, Replacement and Spare Parts
- Machinery for New and Expanded Industry
- Pollution Control Facilities
- Packaging
- Energy and Energy Direct Pay Authorizations
- Recycling
- Construction of New Facilities
- Direct Pay Permits
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12:00 PM - 1:00 PM |
Lunch (On Your Own) |
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1:00 PM - 3:00 PM |
Purchase Exemptions Continued and Sale Exemptions for Manufacturers |
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— Erica L. Horn, J.D., CPA and Steven Lenarz, J.D., CPA |
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- Sales for Resale
- Exempt Certificate Issues
- Interstate Commerce
- Occasional Sales/Successor Liability
- Returned Merchandise, Repossessions, Bad Debts and Discounts
- Warranty Contracts
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3:00 PM - 3:10 PM |
Break |
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3:10 PM - 4:30 PM |
Audits, Refunds and Administrative Compliance |
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— Erica L. Horn, J.D., CPA and Steven Lenarz, J.D., CPA |
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- Administration and Accounting
- Audit Process and Appeals
- Recent Audit Surprises
- Refunds
- Penalties and Waivers
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