Internal Revenue Service (IRS) Articles

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IRS Explains Procedures for Claiming Retroactive 2017 Biodiesel Blender Tax Credits

March 7, 2018

IRS Explains Procedures for Claiming Retroactive 2017 Biodiesel Blender Tax Credits

The Internal Revenue Service (IRS) has released a guidance document outlining special one-time claim procedures for obtaining the $1.00 per gallon biodiesel blender tax credit for 2017. Notice 2018-21 prescribes rules for how taxpayers can claim one-time credits for selling or using biodiesel, renewable diesel, and other alternative fuels (such as natural gas) in 2017. The notice also outlines how entities can offset liability for federal gasoline and/or diesel taxes with the 2017 credits, and further provides instructions for how taxpayers can make certain income tax claims on biodiesel and alternative fuels.

Employer Mandate Penalty Notices Reportedly Forthcoming

November 14, 2017

Employer Mandate Penalty Notices Reportedly Forthcoming

NATSO has learned that the Internal Revenue Service (IRS) may be starting to send out notices to employers regarding potential tax liability under the Affordable Care Act (also known as "Obamacare") employer mandate for calendar year 2015. Calendar year 2015 was the first year of reporting under the 6055 and 6056 reporting requirements (forms 1094 and 1095). The data for 2015 calendar year reporting was due to the IRS in March of 2016. The IRS has been reconciling this data and this is why the 2015 notices are being sent.

Treasury Department Withdraws Regulations Increasing Estate Tax Burden on Family Businesses

October 6, 2017

Treasury Department Withdraws Regulations Increasing Estate Tax Burden on Family Businesses

In a positive development for NATSO members and family businesses throughout the country, the Treasury Department has formally announced that it will withdraw the so-called "Section 2704 regulations" on family business valuation. These regulations would have increased the estate tax (aka "death tax") burden on family businesses.

Legislation Introduced to Streamline Employer Reporting Requirements Under Affordable Care Act

October 3, 2017

Legislation Introduced to Streamline Employer Reporting Requirements Under Affordable Care Act

U.S. Sens. Mark R. Warner (D-Va.) and Rob Portman (R-Ohio) introduced bipartisan legislation Oct. 3 that seeks to streamline the employer reporting requirements under the Patient Protection and Affordable Care Act (ACA), to make it more flexible and less burdensome for employers.

Hurricane Update: Irma Downgraded But Continues to Impact Fuels Market

September 11, 2017

Hurricane Update: Irma Downgraded But Continues to Impact Fuels Market

Hurricane Irma has now been downgraded to a tropical storm, though it is still battering Florida and Georgia, sending residual effects to states up the coast and in the south and mid-west. In Florida, about 65 percent of gas stations are reported to be out of gas, though prices have begun falling as the hurricane begins to wane. In the oil market, prices have fluctuated as the storm hit over the weekend. MarketWatch reports that the market has started to recover, though demand remains low and some refineries on the Gulf Coast are still closed.

Heavy Vehicle Use Tax Due Aug. 31

August 11, 2016

Heavy Vehicle Use Tax Due Aug. 31

Truckstops that operate fleets are reminded that Aug. 31 is the filing deadline for federal highway use tax returns.

Aug. 8 Deadline for 2015 Biodiesel Blender Credit

July 31, 2016

Aug. 8 Deadline for 2015 Biodiesel Blender Credit

Fuel retailers have until Aug. 8 to file claims for the $1.00 per gallon biodiesel blender credit for blends created in 2015. The Internal Revenue Service (IRS) will not accept claims for 2015 retroactive biodiesel blender credits filed after this date.

IRS Issues Forms for Biodiesel Tax Credit Claims

March 7, 2016

IRS Issues Forms for Biodiesel Tax Credit Claims

The Internal Revenue Service (IRS) has released forms that biodiesel blenders can use to file claims for the $1.00/gallon biodiesel blender credit. One form is for retroactive 2015 claims, and the other is for 2016 claims. Claims for biodiesel blends created in 2016 must be filed separately from retroactive clems for belnds created in 2015.

IRS Explains Procedures for 2015 Biodiesel Tax Credits

January 21, 2016

IRS Explains Procedures for 2015 Biodiesel Tax Credits

The Internal Revenue Service (IRS) has released a guidance document outlining special one-time claim procedures for obtaining the $1.00 per gallon biodiesel blender tax credit for 2015.

IRS Extends Deadline for ACA Reporting Requirements

January 4, 2016

IRS Extends Deadline for ACA Reporting Requirements

The Internal Revenue Service (IRS) in Notice 2016-4 extended the deadline for the employer reporting requirements under the Affordable Care Act (ACA).

IRS Launches ACA Resource Page for Employers

September 25, 2015

IRS Launches ACA Resource Page for Employers

The Internal Revenue Service on Sept. 23 announced a new web page offering information on the Affordable Care Act's employer mandate and reporting requirements. The ACA Information Center for Applicable Large Employers (ALE) web page provides information and resources for employers of all sizes, including sections to help employers determine if they are an applicable large employer as well as outreach materials.

Heavy Highway Vehicle Tax Payments Due Aug. 31

August 24, 2015

Heavy Highway Vehicle Tax Payments Due Aug. 31

Owners of heavy highway vehicles are reminded to file their next federal highway use tax return with the Internal Revenue Service (IRS) by Aug. 31.

IRS: Treat 2014 Fuel Tax Credits as If They Hadn't Expired

August 17, 2015

IRS: Treat 2014 Fuel Tax Credits as If They Hadn't Expired

The IRS said taxpayers claiming biodiesel mixture and alternative fuel credits against 2014 tax liability should treat the credits as though they had never expired, Bloomberg reported.

House Passes Small Business Tax Break

February 15, 2015

House Passes Small Business Tax Break

The U.S. House of Representatives on Feb. 13 voted 272 to 142 in favor of H.R. 636, America’s Small Business Tax Relief Act of 2015, which would permanently extend Section 179 expensing of up to $500,000.

Bill Would Change How LNG is Taxed

June 5, 2013

Bill Would Change How LNG is Taxed

New bipartisan legislation in the U.S. Congress seeks to amend the Internal Revenue Code to change the way liquified natural gas is taxed, from a volume (gallon) to an energy content (diesel gallon equivalent) basis.

IRS Issues Simplified Procedures for Claiming Retroactive Biodiesel Blenders Credit

April 8, 2013

IRS Issues Simplified Procedures for Claiming Retroactive Biodiesel Blenders Credit

The Internal Revenue Service (IRS) has issued new and simplified filing procedures for 2012 retroactive biodiesel blender claims. The new procedure allows claims for all four quarters of 2012 to be filed on IRS Form 8849 Schedule 3. Blenders are no longer required to file amended IRS Form 720X returns to obtain 2012 biodiesel blending credits provided the claim is filed by July 1, 2013.

IRS Accepting Electronic Filings for Motor Fuel Excise Tax-Related Claims

March 18, 2013

IRS Accepting Electronic Filings for Motor Fuel Excise Tax-Related Claims

The Internal Revenue Service announced that it has finished updating its tax-processing system software allowing business and individual taxpayers to once again electronically file 2012 federal tax returns, including motor fuel excise tax returns, biodiesel credit claims as well as alternative fuel and alternative fuel mixture credits and income tax returns.

IRS Releases Guidance on Retroactive Biodiesel Tax Claims

February 11, 2013

IRS Releases Guidance on Retroactive Biodiesel Tax Claims

The Internal Revenue Service has issued guidance on how to claim biofuel tax incentives that were retroactively reinstated by Congress through 2012.

Government Issues Proposed Rule on Healthcare Law's Employer Mandate

January 7, 2013

Government Issues Proposed Rule on Healthcare Law's Employer Mandate

Less than one year remains before most businesses will be required to offer health benefits to their workers as part of President Obama's healthcare law, and the Department of Treasury and IRS have moved forward on implementing the law's employer mandate provision, publishing a 144-page proposed regulation that outlines employers' responsibilities and coverage requirements. The regulation details requirements for full-time, part-time and seasonal workers along with how the employer mandate penalty is calculated.

"Fiscal Cliff" Legislation Includes Biodiesel Tax Credit

January 7, 2013

"Fiscal Cliff" Legislation Includes Biodiesel Tax Credit

The House and Senate passed legislation Tuesday designed to avert the so-called fiscal cliff, a combination of tax increases for individuals and cuts to government spending. The legislation overwhelmingly passed the Senate, 89-8, and passed the House 257-167, with 85 Republicans voting in favor of the legislation.

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