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Hurricane Katrina - Irs Waiving Diesel Fuel Penalties
By Richard A. Chapo, Wed Dec 7th
Hurricane Katrina - Irs Waiving Diesel Fuel Penalties
By Richard A. Chapo, Wed Dec 7th
Obviously, the destruction caused by Hurricane Katrina has had amajor impact on fuel supplies. The IRS is temporarily waivingregulations that ban the sale of certain diesel fuels to addressshortages. Dyed Diesel Fuel No Longer Banned Diesel fuel comes in two general forms, clear and dyed. Dyeddiesel is not environment friendly. Under laws passed byCongress, the IRS effectively bans the sale of dyed diesel fuelfor use on highways. Put another way, the trucking industry mustuse clear diesel for transports. (Article continued below)
In the wake of serious fuel shortage issues caused by
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tear in my beer
I try not to keep alcohol in the house. If I have it, chances are I will drink it and that’s where we begin to have problems. Several months ago, I noticed that every time I came home from a long day and poured myself a glass of wine with the purpose of relaxing, without fail and within the hour I was crying. Things were all around more complicated then. Love was tricky, life was confusing and drinking alone became an invitation to a pity party. Things are decidedly less complicated now, so when I dropped my purse on the...
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I know, I know. I’m such a launch tease. But I swear it’s not my fault. I almost don’t dare tell you the new date for the Big Change, because it’s not likely you’ll believe me after all this crying wolf. Let’s just leave it at this: It’s like, falling in love. It’ll happen when you least expect it. There, don’t you feel better? I’m wearing a suit today, which means that something else big is up. Please to do the crossing of fingers. Fueled by anticipation of the something else big, I spent last night in a flurry of...
HurricaneKatrina, the IRS is immediately waiving the tax penaltiesapplicable to the use of dyed diesel on highways. Thissurprisingly quick policy decision is a reflection of explodingfuel prices and a stark lack of supply. The order issued by the Commissioner of the IRS is onlyeffective until September 15, 2005 at this time. It isanticipated that the Commissioner will extend this time periodsince it is clear the fuel issues will not be overcome by thedeadline. While the penalties associated with dyed diesel are waived, theIRS has chosen to keep a basic diesel fuel tax in place. Allsales of dyed diesel fuel are subject to a 24.4 cent tax pergallon. Either the retailer or purchaser can pay. The IRS,however, has indicated that it will waive any penalties andinterest assessments associated with failure to make bi-weeklydeposits of the tax. In addition, users of dyed diesel fuel neednot concern themselves with any EPA restrictions related to itsuse during this temporary waiver. In Closing Typically criticized for reacting slowly, the IRS should becommended for taking quick steps to free up fuel from a taxperspective. To support the trucking industry, let us hope thedeadlines are extended well past September 15, 2005. About the author:Richard A. Chapo is with http://www.businesstaxrecovery.com -Stop overpaying small business taxes. Visithttp://www.businesstaxrecovery.com/articles to read morebusiness tax articles about tax relief and tax help. | 
