Topics: Internal Revenue Service (IRS)

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

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). More

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. More

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. More

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. More

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. More

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. More

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. More

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. More

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