Topics: Internal Revenue Service (IRS)

Commonsense Reporting Act of 2019

The Partnership for Employer-Sponsored Coverage recently endorsed the Commonsense Reporting Act of 2019 (S. 2366/H.R. 4070), bipartisan, bicameral legislation to bring clarity to the Affordable Care Act’s (ACA) tax credit eligibility and reporting process under the Internal Revenue Service (IRS). More

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. More

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. More

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. More

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. More

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. More

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. More

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. More

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. More

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. More

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