In 2021, the Infrastructure Investment and Jobs Act reinstated and modified the lapsed Superfund excise tax for certain hazardous materials. It went into effect July 1, 2022. The IRS has issued proposed regulations for how manufacturers, producers and importers should apply these taxes to “taxable chemicals” and “taxable substances.” Taxable chemicals are contained in the tax code or listed on the IRS’s taxable substance list. Taxpayers must make semimonthly excise tax deposits. However, the IRS is offering transitional penalty relief through Dec. 31, 2023. Taxpayers must report taxes on Form 6627. For more details: https://bit.ly/3TQav9D
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