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Live Webinar

100-minute live streaming program
  • March 20
  • 1:00 - 2:40 pm EST

Also available as:

Online Manual

Sales and Use Tax for Manufacturers in South Carolina

March 20

Gain a better understanding of the exemptions available to manufacturers in South Carolina.

Manufacturing in South Carolina is big business. Along with opportunities to innovate and grow, manufacturers must find and retain top talent as well as manage cash flow. Recent federal tax reform has manufacturers even more focused on how changing tax laws can impact the bottom line. At the same time, manufacturers need to understand the impact of State Sales and Use Taxes on their financial position. This material will provide the necessary background and tools manufacturers need to identify existing sales and use tax issues, take advantage of opportunities for exemptions or credits, and to better understand reporting obligations with the South Carolina Department of Revenue.

Learning Objectives

- You will be able to describe tangible personal property.

- You will be able to identify exemptions to manufacturers.

- You will be able to discuss constitutional limitations on states.

- You will be able to review the history and evolution of state sales and use taxes.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

History and Evolution of State Sales and Use Taxes
  • Emergence of State Sales Taxes
  • Emergence of Local Option Sales Taxes
Constitutional Limitations on States
  • Due Process Limitations
  • Commerce Clause Limitations
  • "Kill Quill" Movement Reaches U.S. Supreme Court in Wayfair Case
South Carolina Sales and Use Tax Basics
  • Sales Tax
    • Tax on Seller
    • Definition of "Tangible Personal Property"
    • Application to Retail Sales
    • Definition of "Gross Proceeds"
  • Use Tax
    • Tax on Buyer
South Carolina Exemptions From Sales and Use Tax
  • Wholesale Sales ("Sales for Resale")
  • Machine Exemption
  • Other Relevant Exemptions to Manufacturers
Administrative Overview of South Carolina Sales and Use Tax
  • Exemption Certificates
  • Direct Pay Permits
  • Statute of Limitations
  • Protest of Assessment at Department of Revenue
  • Contested Case Review at Administrative Law Court
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Online Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CPAs, CFOs, controllers, accounts payable professionals, tax managers, presidents, vice presidents, bookkeepers, operations and inventory managers, and tax preparers.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Madison Felder

Madison Felder

Parker Poe Adams & Bernstein LLP

  • Attorney with Parker Poe Adams & Bernstein LLP in Greenville, South Carolina
  • Provides counsel on state and local tax (SALT) and federal tax issues related to public finance transactions and economic development in South Carolina
  • Experience includes drafting fee-in-lieu of tax (FILOT) agreements, drafting infrastructure credit agreements, pursuing filing claims for refund, and applying for various tax incentives for economic development
  • LL.M. degree, taxation, University of Florida Levin College of Law
  • Can be contacted at 864-577-6362 or [email protected]
Richard Few

Richard Few

Parker Poe Adams & Bernstein LLP

  • Partner with Parker Poe Adams & Bernstein LLP in Greenville, South Carolina
  • Counsels clients on strategic tax planning and structuring business mergers, sales, acquisitions and reorganizations, economic development, and commercial and public financings
  • Involved in transactions providing economic incentives to businesses relocating or expanding in South Carolina and in transactions providing income or other tax credits for development of real estate projects
  • Recognized by Woodward/White’s as The Best Lawyers in America in Corporate Law, 2012-2018 as well as in Mergers and Acquisitions Law, 2018. He’s also been recognized by Chambers USA as America's Leading Lawyers in Corporate/Mergers & Acquisitions, 2009-2017
  • Can be contacted at 864-577-6363 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397171
Published 2013, 2018
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