Tag: IRS

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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