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Sales and Use Tax for Manufacturers in Minnesota - Webinar

  • ID: 4071027
  • Webinar
  • March 2017
  • Region: United States
  • 100 Minutes
  • Lorman Business Center, Inc.
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Gain a better understanding of the exemptions available to manufacturers in Minnesota.

This topic will give a detailed overview of available exemptions for manufacturers, how to properly take advantage of them, and how to get a refund if they were underutilized.

Sales tax which may apply on transactions involving the sale of products will be covered. Items covered include when a manufacturer is required to collect sales tax on a transaction, what other charges are subject to the sales tax, and at which rate is the sale taxed.

As a manufacturer, most purchases made are not subject to sales tax. However, most businesses do have a use tax filing compliance. This material will go over common area of exposure for use tax for manufacturing businesses.

Lastly, helpful guidance on recordkeeping and how to prepare for an audit will also be included.

Learning Objectives
  • You will be able to describe who is considered a manufacturer.
  • You will be able to identify sales tax compliance.
  • You will be able to recognize available exemptions.
  • You will be able to review statute of limitations.
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Manufacturing Overview
- Who Is Considered a Manufacturer?
- What Is the Manufacturing Process?

Available Exemptions
- Machinery and Equipment
- Items Consumed in Production
- Packaging Products
- Utilities
- Research and Testing
- Requesting a Refund

Sales Tax Compliance
- Nexus
- Sales Tax Rate
- Sales Price
- Exempt Transactions

Use Tax Compliance
- What Is Use Tax?
- Common Areas of Exposure

Recordkeeping, Compliance, and Audits
- Resale/Exemption Certificates
- Filing Records
- Document Retention
- Statute of Limitations
- Preparing for an Audit
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Sarah Hopkins, Baker Tilly Virchow Krause, LLP
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This webinar is designed for accountants, CPAs, CFOs, controllers, accounts payable professionals, tax managers, presidents, vice presidents, bookkeepers, operations and inventory managers, and tax preparers.
Note: Product cover images may vary from those shown