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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Tuesday, September 20, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide tax professionals with an in-depth analysis of the critical issues and challenges of the reinstatement of the Superfund Excise Taxes for manufacturers, producers, and importers. The panel will discuss applicable tax rules, taxable chemicals and taxable substances, actions that can trigger tax, exemptions, and reporting requirements. The panel will also discuss Revenue Procedure 2022-26 and procedures for importers, exporters, and interested parties to request a determination under Section 4672(a)(2) that a substance be added to or removed from the list of taxable substances.

Faculty

William Ault
Director
Crowe LLP

Mr. Ault has worked as a multi-state tax consultant for 27 years. Much of his career before coming to Crowe Horwath was spent at Deloitte & Touche, where he led the firm's sales Tax Practice for 13 years.

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Megan K. Hall
Partner
Eversheds Sutherland LLP

Ms. Hall is a senior associate in Mayer Brown’s Tax Transactions & Consulting practice. She advises multinationals on the tax aspects of corporate acquisitions, mergers, internal restructurings and business formations. Ms. Hall has designed plans and led teams to complete international restructurings in advance of a spin-off of a division and initial public offering. She is experienced in post-transaction integration and reporting including the implementation of global transfer pricing strategies.

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Description

The recently enacted Infrastructure Investment and Jobs Act (IIJA) brought back the Superfund excise tax on sales of taxable chemicals under Code Sec. 4661 and the Superfund excise tax on specified sales or uses of imported taxable substances under Code Sec. 4671 (Superfund Excise Taxes). Tax professionals must understand these new rules and the tax challenges that manufacturers, producers, and importers of certain chemicals now face.

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) addressed the cleanup of contaminated sites. CERCLA established the Hazardous Substance Response Trust Fund (the Superfund), a trust fund that was administered by the U.S. Environmental Protection Agency to pay for cleaning hazardous substances. It was funded in part by the Superfund Excise Taxes, which expired December 31, 1995. In November 2021, the IIJA was signed into law and included the return of the Superfund Excise Taxes with modifications, beginning July 1, 2022, and effective through December 31, 2031. The tax doubles the per ton tax rate for taxable chemicals and taxable substances, lowers the threshold of what substances may be considered taxable substances, greatly expanding the scope of the Superfund Excise Taxes.

The reinstatement of the Superfund Excise Taxes has significant repercussions for manufacturers, producers, and importers, who will now be responsible for an excise tax on certain chemicals and substances.

Listen as our panel discusses the new Superfund excise tax rules, taxable chemicals and substances, and actions that can trigger the tax, exemptions, and reporting requirements.

Outline

  1. Overview of Superfund excise tax rules

  2. Challenges faced by taxpayers

  3. Registration, deposits, and return requirements

  4. Rev. Proc. 2022-26 and Section 4672(a)(2)

  5. Next steps and best practices for manufacturers, products, and importers

Benefits

The panel will discuss these and other key issues:

  • What are the key provisions of the IIJA impacting the taxation of chemicals and listed substances?
  • What chemicals and substances are taxable?
  • What actions can trigger the Superfund Excise Taxes?
  • What exemptions are available?
  • What are the registration, deposits, and tax return reporting requirements?
  • How can importers, exporters, and interested parties request a determination that a substance be added to or removed from the list of taxable substances?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand critical provisions of the IIJA impacting the taxation of chemicals and listed substances
  • Identify what chemicals and substances are taxable
  • Recognize what actions can trigger the Superfund excise tax
  • Identify available exemptions from the excise tax
  • Ascertain the registration, deposits, and tax return reporting requirements for Superfund excise tax
  • Understand the requirements under Rev. Proc. 2022-26 and Section 4672(a)(2) on how to request a determination that a substance be added to or removed from the list of taxable substances

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years plus business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of practical guidance to avoid the most common and costly risk areas in tax compliance, exemptions, deductions, net operating losses, and sales and use tax compliance.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).