09/11/2018

The 180 day period for the one-time IRS biodiesel and alternative fuel incentive claims expire September 29, 2018. The IRS will not process these claims after that date. If you miss the one-time claim deadline you may be allowed a claim on the following forms: Form 720X - IRC Section 6426(c) biodiesel mixture, 6426(d) alternative fuel, and 6426(e) alternative fuel mixture credits Form 4136 - IRC Section 6427 credits (amounts in excess of any 6426 credits, except alternative fuel mixture

08/13/2018

On August 8, 2018, Judge David Godbey from U.S. District Court, Northern District of Texas issued a ruling to deny a motion for summary judgement that would allow Exxon to exclude from gross income certain credits received for mixing alcohol with gasoline.  Congress provided a tax incentive under IRC Section 6426 for the production and sale or use of alcohol and gasoline mixtures. The incentive, now expired, required a producer of such mixtures to first take a credit against the excise tax

06/04/2018

As excisetaxhelp.com reported in a 10/31/2017 post, the IRS Service Center has begun issuing ExSTARS penalty letters. The letter number is 4250 and begins as follows:  We show that you have a monthly Excise Summary Terminal Activity Reporting System (ExSTARS) filing requirement for the forms and periods on the attached penalty worksheet.  However, you: 1.) Did not file a form 2.) Filed after the due date 3.) Filed incorrect information  4.) Filed using incorrect format 5.) Did not include