Hurricane katrina – irs waiving diesel fuel penalties Business Реклама Recent Posts « » Hurricane katrina – irs waiving diesel fuel penalties April 1st, 2010 | Author: admin Hurricane Katrina – IRS Waiving Diesel Fuel Penalties

Obviously, the destruction caused by Hurricane Katrina has had a
major impact on fuel supplies. The IRS is temporarily waiving
regulations that ban the sale of certain diesel fuels to address
shortages.

Dyed Diesel Fuel No Longer Banned

Diesel fuel comes in two general forms, clear and dyed. Dyed
diesel is not environment friendly. Under laws passed by
Congress, the IRS effectively bans the sale of dyed diesel fuel
for use on highways. Put another way, the trucking industry must
use clear diesel for transports.

In the wake of serious fuel shortage issues caused by Hurricane
Katrina, the IRS is immediately waiving the tax penalties
applicable to the use of dyed diesel on highways. This
surprisingly quick policy decision is a reflection of exploding
fuel prices and a stark lack of supply.

The order issued by the Commissioner of the IRS is only
effective until September 15, 2005 at this time. It is
anticipated that the Commissioner will extend this time period
since it is clear the fuel issues will not be overcome by the
deadline.

While the penalties associated with dyed diesel are waived, the
IRS has chosen to keep a basic diesel fuel tax in place. All
sales of dyed diesel fuel are subject to a 24.4 cent tax per
gallon. Either the retailer or purchaser can pay. The IRS,
however, has indicated that it will waive any penalties and
interest assessments associated with failure to make bi-weekly
deposits of the tax. In addition, users of dyed diesel fuel need
not concern themselves with any EPA restrictions related to its
use during this temporary waiver.

In Closing

Typically criticized for reacting slowly, the IRS should be
commended for taking quick steps to free up fuel from a tax
perspective. To support the trucking industry, let us hope the
deadlines are extended well past September 15, 2005.

Posted in Forex | Tags: , , , , ,

Comments are closed.

Источник: malenkie-deti.com August 2013 M T W T F S S « May      1234 567891011 12131415161718 19202122232425 262728293031   Archives Tags advice application blog board broker construction consult corporation discount dream energy estimate euro export fair fan finance food format geo gift holiday ideal install light machine master maximum mobile nature north ok pet picture promote rent repair rich room rules security smart subject super tour

Copyright © 2013 Business. All Rights Reserved.

rss