Saturday, January 16, 2016

IRS Issues Guidance for 2015 Alt Fuel Credit Claims

IRS Notice 2016-05 issued on January 14, 2016 establishes the procedures for claiming the $0.50 credit for alternative fuel sold or used in calendar year 2015.  As expected, the notice requires that a single one-time claim for all alternative fuels (including CNG and LNG) should be made no later than  August 8, 2016.  Claims should be made using Form 8849(Claim for Refund of Excise Taxes) accompanied by Schedule 3 (Certain Fuel Mixtures and the Alternative Fuel Credit).

The notice indicates that taxpayers who filed protective or anticipatory claims in 2015 must refile their claims; the IRS will not consider the previous claims perfected by the extension of the tax credits.  Claims for 2015 may be submitted as early as January 15, 2016 but February 8, 2016 is the official start date for filing such claims and the date that will be used for determining whether the IRS owes interest on late payments to taxpayers.     

To file a claim, a person must be a registered alternative fueler.  If you previously submitted claims to the IRS then you are likely registered.  First time claimants who are not registered must file Form 637 (Application for Registration) prior to making claims for credits. Persons intending to file the claim should seek advice from tax counsel or an accountant to ensure that claims are properly submitted.

·         Notice 2016-05 is available:
·         IRS tax forms can be located here

If you have any questions regarding the tax credits the IRS point of contact:

Excise Tax Branch 
U.S. Internal Revenue Service Office of Chief Counsel 
Phone: (202) 317-6855 

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