SUPERFUND TAXPAYERS RELIEF PART TWO

Superfund taxpayers relief part two. The IRS put out Notice 2022-15 to grant relief to Taxpayers who had certain qualifications. The IRS acknowledged that in granting the relief, as well as the short time between the taxes reinstatement and the first deposit's due date (July 29), along with initial difficulties in computing the taxes and making the deposits--in many cases, by taxpayers that have never been required to do so. The Superfund taxes are reported on a form attached to Form 720, Quarterly Federal Excise Tax Return. Filers of Form 720 must deposit the tax semimonthly. The deposit must be at least 95% of the net tax liability incurred in the semimonthly period unless the deposit safe harbor applies. Superfund taxpayers relief part two.

Under the deposit safe harbor, a taxpayer that filed a Form 720 for the second preceding calendar quarter (the lookback quarter) is considered to have met the semimonthly deposit requirement if the taxpayer meets the following requirements: (1) The deposit for each semimonthly period in the current calendar quarter is at least one-sixth of the net tax liability reported for the lookback quarter: (2) each deposit is made timely, (3) the amount of any underpayment is paid by the due date of the applicable Form 720: and (4) the taxpayer's liability does not include any tax that was not imposed during the lookback quarter.

Generally, the IRS may withdraw the right to use the deposit safe harbor for any taxpayer that fails to make deposits as required. Also, taxpayers that fail to make timely deposits can incur a penalty under Sec. 6656 unless they affirmatively show the failure is due to reasonable cause and not due to willful neglect.

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