IRS chief clarifies tax deductions on biodiesel excise tax credit

February 12, 2014 |

In Washington, a chief counsel advice memorandum from the IRS’s Office of Chief Counsel says taxpayers can also deduct from their income taxes the amount of excise tax reduction given to biodiesel under the biodiesel blender excise tax credit. Apparently rather than deducting from their excise tax deduction in their forms, they include it in the cost of goods sold deduction, which is incorrect.

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Category: Policy

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