Insights &#038; Resources

IRS Issues Statement on Export Tax for Oil Spills

In the March 6 Internal Revenue Bulletin the IRS issued a statement on export tax for oil spills. Find out more about this notice and how taxpayers are affected.

Illinois Appeals Court Says Book-Out Transactions Are Subject to Fuel Tax

In a recent decision, the First District Court of Appeals in Illinois held that book-out transactions are transfers of ownership of fuel and are subject to tax.

Greenhouse Gas Emissions Scope 3: Upstream and Downstream Emissions

Scope 3 emissions include the same 6 GHGs that are inventoried in Scope 1 and Scope 2 but the difference is that they appear in the product’s value stream.

Greenhouse Gas Emissions Scope 2: Indirect Emissions From Purchased Energy

Scope 2 emissions are purchased from, and managed by, an off-site entity, such as an electric company, a localized grid or energy district.

Greenhouse Gas Emissions Scope 1: Direct Company Emissions

In our continuing series, we continue with Scope 1 emissions and take a deep dive into measuring and accounting for greenhouse gas emissions.

Is Your Business Ready to Measure and Report Its Greenhouse Gas Emissions?

Our Greenhouse Gas Series dives into the three different types of emissions used to delineate direct and indirect sources of greenhouse gas emissions.

IRS Issues Guidance on Sustainable Aviation Fuel Tax Credit

The IRS has issued guidance on new sustainable aviation fuel tax credits that take effect on January 1, 2023. The guidance, Notice 2023-06, includes the following:

IRS Publishes Superfund Tax Rates

The IRS has published Superfund tax rates for 121 taxable substances subject to the tax under section 4671 of the Internal Revenue Code.

Updates on States Suspending Motor Fuels Tax

In recent months, a number of states have enacted legislation to temporarily suspend the motor fuels tax. Weaver will monitor these actions and update this post regularly.

Alternative Fuel Tax Credit Cases Impact Use of Butane in Alternative Fuel Blending

The Fifth Circuit Court of Appeals and the U.S. Court of Federal Claims held that the blends of butane and gasoline would not be eligible for the alternative fuel mixture credit.

IRS Issues Interim Guidance on 637 “G” Registration for Taxable Chemicals

Taxpayers who are required to obtain a "G" registration under the reinstated Superfund Tax are impacted by recent IRS guidance on registration for certain Form 637.