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Motor Fuels Tax Minute, Episode 10

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Changes to special rule for September’s federal excise tax deposits is the topic for this week’s Motor Fuels Tax Minute.
3 minute read
September 30, 2022
Leanne Sobel
Leanne Sobel
Director, Motor Fuels and Excise Tax Services
Emilda Santiesteban
Emilda Santiesteban
Director, Motor Fuels and Excise Tax Services

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Changes to special rule for September’s federal excise tax deposits is the topic for this week’s Motor Fuels Tax Minute. Join our hosts for an overview of the processing times and due dates.

 

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Detailed Transcription of Weaver’s Motor Fuels Tax Minute, Episode 10

00:00:00

Emilda: Welcome to Weaver’s Motor Fuels Tax Minute, where we talk all things motor fuel. This week we are talking about the special rule for September’s federal excise tax deposits.

00:00:11

Leanne: That’s right, Emilda. Generally, taxpayers who have a quarterly excise tax liability in excess of $2,500 are required to make semi-monthly deposits of their federal excise tax.

The two semi-monthly periods are the first 15 days of the month and the 16th through the last day of the month. Deposits for the first semi-monthly period are due by the 29th of the month and deposits for the second semi-monthly period are due by the 14th of the following month.

00:00:47

Emilda: The semi-monthly periods and deposit rules apply to all months, with the exception of September. In September, there are three deposit periods under the regular method.

The first is September 1st through the 15th, like the other months, with the payment due on the 29th. The period for September 16th through the 26th, with the payment also due on September 29th. The third period is September 27th through the 30th, with the payment due on October 14th. These three periods only apply in September and are important to note as it’s easy to overlook them, especially as two of the periods have the same payment date and must be made separately through an electronic payment process, EFTPS. And some may ask why is there special payment in September? The US federal government fiscal year runs from October 1st through September 30th, so closing the fiscal year with most of its revenue accounted for is important.

00:01:47

Leanne: That’s this week’s motor fuels tax minute. Stay tuned next week when we’ll be discussing some more of the provisions of the Inflation Reduction Act. Thank you.