Blogs

Recap on Biodiesel Sold as Fuel But Not Used When biodiesel or renewable diesel is sold or used for purposes other than as a fuel after claiming a related tax credit, it becomes subject to a recapture tax under IRS No. 117. This applies when the fuel is not used in a qualifying way or is removed from a mixture.

Businesses that produce or purchase biodiesel often qualify for federal fuel tax credits. But when fuel is not used as intended such as being diverted from fuel use.

Section 40 covers second-generation biofuels that are sold but not used for their qualified purposes. If misused, producers must recapture a $1.01-per-gallon excise tax, reported under IRS Number 51 on Form 720.

When dealing with biofuels under IRS Form 720, Section 40 plays a critical role in understanding fuel-related excise taxes.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced penalty relief for remittance transfer providers who fail to deposit the correct amount of excise tax under Section 4475 of the One Big Beautiful Bill Act (OBBBA).

The IRS has issued an official Employee Emergency News announcement detailing temporary operational adjustments due to a reduction in workforce availability.

The Leaking Underground Storage Tank (LUST) Trust Fund is a vital resource aimed at helping address the environmental hazards posed by leaking Underground Storage Tanks (USTs).

The window for filing your Federal Excise Tax (FET) for Quarter 3 (July 1 – September 30) is officially open! With Simple720, you can quickly complete your filings within just 2 minutes.

We’re thrilled to announce that Simple720 will be attending the SIIA National Conference 2025, held October 12–14 at the JW Marriott Desert Ridge, Phoenix.

A Recap on LUST Tax: The Federal LUST (Leaking Underground Storage Tank) tax is an excise tax imposed on certain fuels, primarily to fund the cleanup of contamination caused by leaking underground storage tanks.

What is Federal LUST Tax? The Federal LUST (Leaking Underground Storage Tank) Tax is an excise tax imposed on specific fuels, falling under the Fuel Excise Tax category.

In an era where technology continues to redefine the way we do business, the U.S. Government has made a bold move to streamline payment processes. Executive Order 14247, titled “Modernizing Payments to and from America’s Bank Account”, aims to eliminate paper-based payments by requiring all federal payments to be made electronically by September 30, 2025.