NTEA, the Association for the Work Truck Industry, introduced its Federal Excise Tax Guide, a new publication for the work truck industry.
The guide was written by the NTEA's long-time outside counsel, Mark Sidman, and Rose-Michele Nardi, who are attorneys with Weiner Brodsky Sidman Kider PC in Washington, D.C. Sidman and Nardi are co-editors of the FET Quarterly, an NTEA publication that summarizes all excise tax rulings issued by the IRS and courts. Nardi also writes the Excise Tax Enquirer, a monthly column in NTEA News.
Sidman explained that the IRS has been aggressively auditing work truck, trailer and tractor retailers for excise tax compliance. Because the tax is so high - 12 percent of the retail price - the risk of misapplying it is huge.
"The tax is extraordinarily complicated and there are a lot of gray areas," said Sidman. "We have attempted to give retailers the tools to make informed tax decisions. The Guide explains how the law works and provides extensive citation to critical IRS rulings and court decisions."
The book is intended to be a resource for retailers of heavy trucks and their tax advisors. It addresses all major excise tax issues, such as the "suitable for use" standard, further manufacturing, the six-month rule, the 75 percent rule, tax-exempt sales, off-road vehicles and defending audits.
The guide was written by the NTEA's long-time outside counsel, Mark Sidman, and Rose-Michele Nardi, who are attorneys with Weiner Brodsky Sidman Kider PC in Washington, D.C. Sidman and Nardi are co-editors of the FET Quarterly, an NTEA publication that summarizes all excise tax rulings issued by the IRS and courts. Nardi also writes the Excise Tax Enquirer, a monthly column in NTEA News.
Sidman explained that the IRS has been aggressively auditing work truck, trailer and tractor retailers for excise tax compliance. Because the tax is so high - 12 percent of the retail price - the risk of misapplying it is huge.
"The tax is extraordinarily complicated and there are a lot of gray areas," said Sidman. "We have attempted to give retailers the tools to make informed tax decisions. The Guide explains how the law works and provides extensive citation to critical IRS rulings and court decisions."
The book is intended to be a resource for retailers of heavy trucks and their tax advisors. It addresses all major excise tax issues, such as the "suitable for use" standard, further manufacturing, the six-month rule, the 75 percent rule, tax-exempt sales, off-road vehicles and defending audits.
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