Tag: IRS

IRS proposes regulations for CCS tax credits

IRS proposes regulations for CCS tax credits

June 3, 2020 |

In Washington, last week the Treasury Department and the Internal Revenue Service issued proposed regulations to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. The proposed regulations provide guidance regarding two new credits for carbon oxide captured using equipment originally placed in service on or after February 9, […]

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Ernst and Grassley call on IRS to hurry up biodiesel tax credit claims processing

Ernst and Grassley call on IRS to hurry up biodiesel tax credit claims processing

February 24, 2020 |

In Washington, U.S. Senator Joni Ernst (R-IA) and her colleague Senator Chuck Grassley (R-IA), fought hard to include the biodiesel tax credit in the year-end funding package last year. Now, the two Iowa senators are calling on the Internal Revenue Service (IRS) to promptly process 2018-2019 biodiesel tax credit claims. In a letter to IRS […]

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IRS frustrating would-be CCS projects that could help ethanol production

IRS frustrating would-be CCS projects that could help ethanol production

February 11, 2020 |

In Washington, the New York Times reports that the IRS is delaying implementation of some of the only climate-friendly legislation to be pushed through during the Trump administration which in turn is frustrating the ethanol industry. The IRS has held up rules about how companies investing in carbon capture could take advantage of a tax […]

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IRS looking for public comments on biofuel producer credit

IRS looking for public comments on biofuel producer credit

October 1, 2019 |

In Washington, Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden invites the general public and other Federal agencies to take this opportunity to comment on information collections during 60 days, as required by the Paperwork Reduction Act of 1995 concerning Biofuel Producer Credit. Form 6478 is used […]

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IRS and EPA sign MOU to help reduce RIN fraud

IRS and EPA sign MOU to help reduce RIN fraud

September 5, 2019 |

In Washington, a Memorandum of Understanding (MOU) has been signed between the Internal Revenue Service (IRS) and EPA that creates an agreement to share information about fuel production facilities and fuel program compliance to facilitate policy development, market understanding, data verification for renewable fuel credits, identification and reduction of Renewable Identification Number (RIN) fraud in […]

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IRS publishes tax code for biodiesel tax credits

IRS publishes tax code for biodiesel tax credits

August 19, 2015 |

In Washington, the IRS has published a notice that informs claimants about the federal income tax treatment of credits under § 6426(c) and (d) of the Internal Revenue Code that are paid in cash under the one-time claim submission process of section 160(e) of the Tax Increase Prevention Act of 2014 (Act), Pub. L. No. […]

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IRS chief clarifies tax deductions on biodiesel excise tax credit

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 […]

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IRS issues FAQs on how to claim biofuel tax credits

IRS issues FAQs on how to claim biofuel tax credits

February 4, 2013 |

In Washington, the IRS has issued FAQs to help taxpayers claim the biodiesel mixture credit, biodiesel credit, alternative fuel credit, and the alternative fuel mixture credit that were retroactively extended through 2012. It also describes changes to the cellulosic biofuel credit for 2013.

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