VATupdate

IRS issues new guidance ahead of July 1, 2022 effective date for Superfund excise tax

In Revenue Procedure 2022-26 (released June 28, 2022), the IRS provided detailed procedures for requesting a determination to add or remove a substance from the list of taxable substances under IRC Section 4672(a) (List). In Notice 2021-66, the IRS had suspended the former determination procedures in Notice 89-61, as modified by Notice 95-39 (prior guidance) and added new substances to the List.

Source EY

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