That penalty can be avoided if the taxpayer demonstrates that the failure was due to reasonable cause and not due to wilful neglect. Specifically, sections 4661(a) and 4662(c)(1) impose an excise tax on the sale or use of a taxable chemical by the manufacturer, producer, or importer of the taxable chemical. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise An importer of a taxable substance is subject to the section 4671 tax on the sale or use of the taxable substance on or after July 1, 2022. The Inflation Reduction Act (IRA) enacted on August 16, 2022, created a new corporate alternative minimum tax (AMT) for taxable years beginning after December 31, 2022. Pennsylvania Sales and Use Tax for Construction Contractors and Their Customers. | Agreed Terms of Use The new tax doubles the previous tax rate on Taxable Chemicals and Taxable Substances. The recent reinstatement of Superfund chemical excise taxes on certain taxable chemicals and specified taxable substances takes effect July 1, 2022, and will be imposed through 2031. A6. Our use of the terms our Firm and we and us and terms of similar import, denote the alternative practice structure of Cherry Bekaert LLP and Cherry Bekaert Advisory LLC. Taxpayers with a quarterly liability greater than $2,500 will be required to make semi-monthly tax deposits of the tax. Each member firm is a separate legal entity. The original Superfund Chemical Excise Tax was enacted with the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) and expired on December 31, 1995. Accordingly, a manufacturer, producer, or importer of a taxable chemical is subject to the section 4661 tax on the sale or use of the taxable chemical on or after July 1, 2022. This effectively doubled the tax rate of the imported taxable substances as well, and the Infrastructure Bill further Some companies did not yet exist when the previous excise tax applied and have no experience with the old tax and thus no internal processes for determining their liability for the Superfund excise tax. Webrate and the $0.164 per barrel petroleum Superfund tax rate. Part 40regarding filing, deposits, and related procedural issues apply to companies subject to the reinstated Superfund excise taxes. National Law Review, Volume XII, Number 139, Public Services, Infrastructure, Transportation, Recent Federal Developments in Chemical Law January 2023. This law levies taxes on the manufacture, production, or importation of 42 specific chemicals and another 121 chemical In order to pay for the provisions in The Infrastructure Investment and Jobs Act (also referred to as the Bipartisan Infrastructure Bill), Superfund was reinstated with double the tax rate on chemicals and a vast expansion of substances. (added June 24, 2022), Q6. The For example, methane or butane used as a fuel, or nitric acid, sulfuric acid, ammonia, or methane used in production of fertilizer are exempt. A Frequently Asked Questions (FAQ) page about the Superfund Excise Tax is available from the Internal Revenue Service: FAQ: IRS Issues Superfund Chemical Excise Taxes. Taxable Chemicals. Managing Director, Excise Tax Practice National Leader, State and Local Tax Partner, Sales & Use Tax National Leader, Business Restructuring & Turnaround Services, Management Advisory & Performance Improvement, Total Tax Transparency & ESG Tax Strategy, Financial Institutions & Specialty Finance. (added June 24, 2022), Q7. All rights reserved. 901, for the initial list of substances that the Secretary has added to the list of taxable substances. The first reporting of Superfund excise taxes is due October 31, 2022 (for the period July 1, 2022, through September 30, 2022). After a more than 26 year hiatus, on July 1, 2022, the Superfund chemical excise tax (the Superfund Chemical Tax) will again become effective. A Superfund tax is imposed when a taxable chemical is imported, or is domestically produced for sale or use unless an exemption applies. You Meta Believe the GDPR Penalties Are No Joke! (added June 24, 2022), Q12. The Infrastructure Investment and Jobs Act (IIJA) reinstated the excise taxes imposed on certain chemicals and imported chemical substances under Internal Revenue Code sections 4661 through 4672 beginning July 1, 2022. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form 6627, Environmental Taxes. This webcast discusses the three Superfund Excise Taxes that are now in place, recent trends, and hot topics to be aware of as organizations solidify processes and procedures to ensure compliance by October 31, 2022. With world scale integrated manufacturing facilities we are The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. This legislation provided a federal Superfund to clean up hazardous-waste sites and accidents, spills, or other emergency releases of pollutants and contaminants into the environment. System and Organization Control Reporting (SOC), GDPR General Data Protection Regulation. Calculating If your company is a business that manufactures, produces or imports any of the listed chemicals or substances, determine your liability for the taxes. Do Not Sell My Personal Information as to BDO Investigative Due Diligence. There are two lists of which importers, producers, buyers, sellers, and exporters need to be aware of: Taxable Chemicals include basic feedstocks listed under the law that incur a Superfund tax. Apprehended Woman Dies in Eagle Pass, Texas Soft Sided Facility, U.S. Customs and Border Protection Department of Homeland Security. (added June 24, 2022), Q13. Consequently, taxpayers who export taxable chemicals or taxable substances may be eligible for a refund of the tax paid, dependent on agreements with customers as well as their own internal structures. In order to pay for The Chemicals Superfund Tax and the Hazardous Substances Tax took effect on July 1, 2022 with a ten Observation: Under Notice 2022-15, deposits still are required and must be timely to avoid Section 6656 penalties, but failing to meet the 95% accuracy threshold will not result in penalties. Sightline is a tax platform that makes the entire tax process more collaborative and insightful. Aerojet and its subsidiaries have Semimonthly periods are the first through 15th of the month and 16th through the end of the month, with the deposit being due the 14th day following the end of the semimonthly period. Please see links for details: Learn more about Superfund Excise Tax changes effective July 1, 2022, including key considerations for dealings with the reinstated Superfund Tax on chemicals and substances. Unless your company is a manufacturer or importer of chemicals and substances, there is no additional reporting required regarding the superfund excise tax. View Full Firm Disclosure. Nonetheless, a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax. The Environmental Protection Agency (EPA) identifies sites such as Kti Chemicals Inc because $300 plus $0.090 per each acre-foot greater than 10 acre-feet. Will the IRS prescribe tax rates for taxable substances? How do I calculate the section 4671 tax? . The Superfund law (P.L. Another Lesson for Higher Education Institutions about the Importance Justice Department Secures Resolution in Sexual Harassment Lawsuit United States Department of Justice (DOJ). The Superfund Chemical Excise Tax is set to expire in 2031 and is expected to bring in an estimated $14 billion that will go to assisting the clean-up of hazardous waste disposal sites. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. As noted above, importers are not required to use the IRS-prescribed tax rates for the section 4671 tax and may calculate their own rates. Stephanie provides tax planning and compliance services to corporations, pass-through entities and individuals. Petitions to Add Polyoxymethylene and Polyphenylene Sulfide. Because of potential exemptions for butane and methane used as a fuel, taxpayers further down the supply chain need to be aware of the procedural issues aecting such chemicals. Even companies that have been on the market for decades may not have many employees who were around when the previous excise tax applied. Form 6627 must be led alongside Form 720 on a quarterly basis. Petitions to Add Polyoxymethylene and Polyphenylene Sulfide. For more detail about the structure of the KPMG global organization please visithttps://home.kpmg/governance. Taxpayers do need to make semi-monthly deposits of the Superfund Tax, however, there is some relief available for missing payments through March 2023. Part III. (added June 24, 2022), Q8. Taxable Substances are items that use taxable chemicals to create a final product. Charter Brokerage can help you mitigate the Superfund taxes paid on these taxable chemicals. The Inflation Reduction Act added excise tax on domestic crude oil and imported petroleum products starting on January 1,2023. Its tax re-imagined. Nothing in the statute or in Notice 2021-66, for example, references manufactured items in the context of taxable substances. Home Guidance Article Superfund Excise Taxes on Chemicals and Substances: How to Prepare. More substances are expected to be added in the future, but the list as it stands is available below. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has not prescribed a tax rate for the taxable substance, then the amount of tax is 10 percent of the appraised value of the taxable substance as of the time the taxable substance was entered into the United States for consumption, use, or warehousing. A taxable substance is any substance that, at the time of sale or use by the importer of the substance, is listed as a taxable substance. Notice IR-2022-132 focused on issuing tax rates for 121 taxable substances. The information contained herein is not intended to be written advice concerning one or more Federal tax matters subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. A12. Aside from this quarterly filing, taxpayers with a quarterly liability of greater than $2,500 will be required to make semi-monthly tax deposits of at least 95 percent of the net tax liability incurred during the tax period (unless a safe harbor Companies are likely to be caught off guard by this reinstated tax. How do I calculate the section 4661 tax? The Notice essentially allows taxpayers untilOctober 31, 2022, to determine whether a Superfund excise tax applies and to calculate how much taxed is owed. A substance is listed as a taxable substance if it is listed under section 4672(a)(3), or if the Secretary of the Treasury or her delegate (Secretary) has added it to the list of taxable substances pursuant to section 4672(a)(2) or (4). See 40.0-1(c) and 40.6302(c)-1 of the Excise Tax Procedural Regulations. At the time of publication of these FAQs, 151 substances are listed as taxable substances. Houston | Taxable substances include substances where taxable chemicals constitute more than 20 percent of the weight (or more than 20 percent of the value) of the materials used to produce such substance (as determined based on the predominant method of production). Is there a way to check the status of an application for Activity Letter G registration? Notice 89-61provided guidance under the previously applicable Superfund excise tax. The Brazilian government on December 29, 2022, published draft legislation to align Brazils transfer pricing rules with the Organization for Economic Cooperation and Development (OECD) Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. Funds collected will be added to the Hazardous Substance Superfund Trust. As this question is likely to arise in the near future when the Superfund excise tax applies, the IRS can be expected to address this aspect. (added June 24, 2022), Q11. Taxable substances are those that contain 20% or more by weight or value of one of the 42 chemicals listed in IRC 4661(b). Chicago | Consider the action items above, particularly the last one, making sure the information systems are in place to capture the data needed to comply with this tax. Aside from this quarterly filing, taxpayers South Florida | This would make the first tax deposit covering thefirst half of July 2022due byJuly 29, 2022. 11 In addition to the reinstatement of the taxes, the Infrastructure Bill doubled the prior rate of tax on the 42 listed chemicals. Companies must report the reinstated Superfund excise taxes onForm 6627, Environmental Taxes, attached toForm 720, Quarterly Federal Excise Tax Return. A11. For this example, the sales tax rate is 8.5 percent, the cannabis excise tax is 15 percent, and there is a 10 percent local business tax. Richmond | Cherry Bekaert Advisory LLC and its subsidiary entities are not licensed CPA firms. The Aerojet General Corp. Superfund site covers about 5,900 acres near Rancho Cordova. Requesting additions and/or deletions to the taxable substances list pursuant to updated IRS guidance and procedure. Identification of the chemical manufacturers and importers subject to the Superfund Tax. A7. $150 plus $0.069 per each acre-foot greater than 10 acre-feet. The Superfund chemical taxes will be reported on Form 720, Quarterly Federal Excise Tax Return, and Form Implementing process improvements including potential technology solutions to efficiently monitor products subject to tax and possible exemptions. This Superfund Tax is assessed only on importers of taxable substances and is due upon the first sale or the first use after import into the United States. Read more about the three reinstated excise taxes. Elizabeth supports clients with sales and use tax nexus studies, tax registration, voluntary disclosure agreements, audit representation, item taxability, overpayment recovery, and exposure audits. Reinstating the tax on chemicals will unduly burden consumers. The excise tax collection expired in 1995 but resumed on July 1, 2022. Accordingly, the procedural rules in26 C.F.R. The Treasury Department and the IRS (collectively the IRS) have released Notice 2022-15, which provides relief for certain reinstated Superfund chemical excise taxes (SCET) from the penalty for failure to properly deposit imposed under Section 6656. Any manufacturer, producer, or importer of a taxable chemical is subject to the superfund excise tax. Built by tax professionals for tax professionals. A semimonthly period is the first fifteen (15) days of a calendar month or the portion of a calendar month following the 15th day of the month. Additionally the new legislation also decreased the threshold amount from 50% to 20% of In Philadelphia, Economy Struggles to Keep Up with New Influx of Immigrants. Section 40.6302(c)-1(b)(2), for failure to make required deposits of Superfund excise taxes if the requirements set out in the Notice are met. 429, Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Download list of 42 taxable chemicals and 151 taxable substances. A Superfund excise tax on chemicals has been signed into law and went into effect on July 1, 2022. As part of this Act, superfund excise taxes imposed on chemicals and imported taxable products are set to be reinstated July 1, 2022 through Dec. 31, 2031. Notice 2022-15 provides temporary relief from the failure-to-deposit tax penalty. While the majority of the listed chemicals are taxable by the manufacturer or importer upon the rst sale or use, butane and methane only become taxable upon the rst use other than as a fuel. The IRS has yet to issue detailed guidance or a Frequently Asked Questions (FAQ) document to clarify the nuances of applicability of the reinstated Superfund excise tax. The first quarterly Superfund Tax reporting on Form 720 is due October 31, 2022. What happens if an importer does not calculate the section 4671 tax? Any later updates or modifications to these FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. Applicability The Superfund Chemical Tax is made up of two parts: a chemical tax and a chemical substance tax. | Careers Operating now under a new set of rules, organizations manufacturing or importing certain chemicals now face new tax challenges. If the importer does not calculate the section 4671 tax for a taxable substance and the IRS has prescribed a tax rate for the taxable substance, the tax is calculated using the rate prescribed by the IRS. This memorandum explains why. Learn how a global manufacturer increased profits by $12M in four months. Yes. Her experience includes clients of all sizes from Fortune 500 firms to single location hospitals. As the chemicals are taxed upon the rst sale or use after import or manufacture in the United States, the importer or manufacturer is liable for the excise tax. 3/17/2022. According to the IRS, the tax rates for chemicals and substances depend on several factors. Contributed by Stephanie C. Cason, CPA, MAcc, Manager in RKLs Tax Services Group. Superfund Tax Chemicals List According to the IRS, A taxable chemical is a chemical that is (i) listed in section 4661 (b), and (ii) manufactured or produced in the United The National Law Review is a free to use, no-log in database of legal and business articles. If your organization believes it may be subject to the reinstated Superfund Excise taxes, be prepared to begin reporting on chemical use. Notice 2021-66 suspended the existing procedure inNotice 89-61for an importer or exporter to petition the IRS to add or remove substances from the list, pending the issuance of additional guidance. The term Superfund refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. It is critical to Update company information systems to collect the transaction and master data needed to comply with the Superfund Tax. Managing Licenses, Careers It is not clear that that the IRS can offer any more relief to taxpayers than has already been given in Notice 2022-15. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. See the full disclaimer. Second, an importer or exporter of a substance (or other interested person) can petition the Secretary to add the substance to or remove the substance from the list of taxable substances. 11758), which was signed into law on November 15, 2021, reinstated theChemicals Superfund Tax and the Hazardous Substances Tax at twice the prior rates through 2031. The revived The IRS is expected to issue guidance prior to theJuly 1, 2022, effective date of the Superfund excise taxes. A diversity, equity and inclusion video series. The term Superfund refers to chemical excise taxes imposed by the IRS on certain domestically produced and imported chemicals, and imported substances. Prior to their expiration in 1995, the Superfund excise taxes were used to fund theHazardous Substance Superfund, established by theComprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). However, given the related compliance processes that need to be established (e.g., automating data capture, gathering exemption documentation, and return preparation and filing) and matters that need to be addressed (e.g, Form 637 registration and taxable substance listing), taxpayers should consider taking this opportunity to evaluate whether their overall SCET program is sufficiently robust and meets the greater needs of their organization for example, by reprioritizing activities within their project plans. She has worked extensively with clients in the medical, medical technology, manufacturing, retail, and food service industries. Fast forward to today. Accordingly, these FAQs may not address any particular taxpayer's specific facts and circumstances, and they may be updated or modified upon further review. Nashville | Section 4671(a) imposes an excise tax on the sale or use of a taxable substance by the importer of the taxable substance. Excise taxes are reported on a quarterly basis on IRS Form 720, Quarterly Federal Excise Tax. Sign up to receive the latest BDO news and insights. If you are a manufacturer or importer, it is essential that your organization be prepared to report and remit the excise tax. You will also have to determine how your company will pass on the tax to your customers. The tax on substances depends on their chemical composition and if it has 20% or more of a chemical on the taxable list. The site is 15 miles east of Sacramento, California. The Infrastructure Investment and Jobs Act signed into law November 15, 2021, reinstated the Superfund Excise Taxes (Superfund Tax) on chemicals and substances. These taxes expired more than 25 years ago. If you would ike to contact us via email please click here. The table below outlines products that are impacted by this excise tax. Specifically, the due date for the deposit accelerates to the immediately preceding date that is not a Saturday, Sunday, or legal holiday. Prior to theJuly 1, 2022 ), Q12 that your organization it... Outlines products that are impacted by this excise tax 42 listed chemicals quarterly basis greater than 10 acre-feet acre-foot... 6627 must be led alongside Form 720, quarterly Federal excise tax critical to Update company Information to! Be avoided if the taxpayer demonstrates that the Secretary has added to the Superfund. For decades may not have many employees who were around when the previous tax rate 6627. Liability Act of 1980 ( CERCLA ) c ) and 40.6302 ( )... Organization Control reporting ( SOC ), Q6 is domestically produced and imported substances of... 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