Windward Tax Spotlight on..IPT's Manufacturing & Related Industries: SALT Workshop
In July, Windward Tax’s Sales Tax Director, Anna McCarthy, traveled to Washington State to attend IPT’s Manufacturing & Related Industries: SALT Workshop. We caught up with Anna to learn about the highlights of the workshop and we asked her to share some of the valuable information that is always available at IPT events.
1) What were the hot topics discussed at this year’s workshop?
This conference focused on manufacturing and related industries so all the topics addressed issues important to my clients. I particularly enjoyed the presentation about current tax credits and incentives available to manufacturers, as well as the discussion about audit issues and resolutions.
2) Share a couple of key takeaways that you found most useful from the sessions.
Presenters at the Exemptions for Non-Traditional Manufacturers workshop did a great job explaining the difference between how manufacturing and processing may be defined by state statutes. Some jurisdictions may exempt the manufacturing, but only provide a reduced rate for processing or offer no tax break at all.
During the Give Credit Where Credit is Due session I was interested in learning more about how taxpayers must be aware of meeting qualifying deliverables on tax incentives, especially if it is for a drawn out period. By not meeting criteria, such as committed expenditures, capital spent over a period of time or number of full time employees hired at a certain salary level, tax saving opportunities may be lost by the taxpayer.
3) How has this information helped you better serve your clients?
The conference reminded me of the importance to review current regulations that affect our clients. The tax laws are constantly changing, especially concerning technology.
Networking with sales tax professionals at the conference provided me with plenty of great tips that will help my clients. We shared our interpretations of tax rulings and offered assistance to those that may find some of the rulings confusing. Now I am better equipped to explain sales and use tax regulations.