KPMG report: Questions remain on Superfund excise tax compliance

Treasury and IRS have worked to issue several pieces of guidance for reinstated Superfund excise taxes

Questions remain on Superfund excise tax compliance

Treasury and the IRS have worked quickly to issue several pieces of guidance for the reinstated Superfund excise taxes, including:

  • Notice 2021-66 providing a list of taxable substances, including the 50 statutory substances and all previously added substances (read TaxNewsFlash)
  • Notice 2022-15 providing temporary relief for the failure to deposit penalty in certain cases (read TaxNewsFlash)
  • Rev. Proc. 2022-26 providing definitions and a process to petition to add or remove a substance from the taxable substance list (read TaxNewsFlash)
  • FAQs including a list of frequently asked Superfund excise tax questions (read TaxNewsFlash)
  • Notice 2023-28 extending penalty relief and revising the petition procedure to add taxable substances (read TaxNewsFlash)
  • Proposed regulations issued March 29, 2023, which would revoke much of the guidance issued by the IRS when the Superfund excise taxes were previously in effect (read TaxNewsFlash)

Despite the guidance, questions remain on the application of the tax in many circumstances.

An IRS public hearing scheduled for October 25, 2023 provides the opportunity for taxpayers to raise questions.

Read an October 2023 report [PDF 393 KB] prepared by KPMG LLP: What’s News in Tax: Questions Remain After “Superfun” Year of Superfund Excise Tax Compliance, Despite IRS Guidance

 

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