Insights & Resources

The IRS has issued guidance to taxpayers regarding claiming the alternative fuel tax credits for the first three quarters of 2022.

The recently signed Inflation Reduction Act of 2022 reinstates Superfund excise taxes on crude oil and imported petroleum products for the first time since 1995.

The Inflation Reduction Act extends the biodiesel & alternative fuel credits, provides a new credit for sustainable aviation fuel and much more.

The IRS recently issued guidance on the procedure to request that a substance be added, or removed, from the list subject to the Superfund excise tax.

Taxpayers subject to the Superfund Excise Tax are reminded that payments should be deposited semi-monthly unless the net liability is less than $2,500 for the quarter.

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

To improve tax compliance, the U.S. Treasury Department proposed four changes to "modernize" the corporate and individual reporting of digital assets.

Learn about which states have announced motor fuel tax rate changes effective July 1, 2022, and check back as we will continue to monitor and make updates as needed.

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.

Taxpayers will be relieved of underpayment penalties under IRC Section 6656 for failing to make required deposits of the Superfund Tax as issued in Notice 2022-15.

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.