On March 27, the IRS issued proposed regulations regarding the reinstated excise taxes imposed on certain chemicals and substances under sections 4661 and 4671 (aka “Superfund” excise taxes). The IRS also issued two additional pieces of guidance regarding penalty relief and petitioning the IRS to add to the list of taxable substances.
During this TaxWatch webcast, KPMG professionals will discuss the newly proposed Superfund Excise Tax regulations on chemicals and substances. Topics will include:
- Reviewing key definitions and model certificates
- Identifying the “importer” and imported substances
- Discussing treatment of isomers and chemical mixtures
- Considering implications of recycling activities
- Practice tips and best practices including:
- Leveraging trade data to identify taxable chemicals and substances
- Identifying and documenting export credits, refunds, tax-free sales and exemptions
- Planning for remediation and future compliance
Reinstatement of Superfund excise taxes
Congress reinstated three excise taxes that affect the petroleum and chemicals industries.
Proposed regulations: Reinstated Superfund chemical tax and Superfund imported substance tax
Guidance on the application of the reinstated excise taxes imposed on certain chemicals and certain imported substances
Read the KPMG report