The IRS released IR-2023-33 (the “Notice”) providing a tax relief for taxpayers who live in disaster areas in Alabama, California, and Georgia postponing the due date of 2022 income tax returns for individuals, various businesses and tax-exempt entities until October 16, 2023. The relief also includes postponing the due of the fourth quart of 2022 estimated tax payment, the first through third quarter of 2023 estimated tax payments, and quarterly payroll and excise tax returns normally due on January 31, April 30, and July 31 until October 16, 2023.
The IRS automatically provides filing and penalty relief to any taxpayer in the disaster area. If an affected taxpayer receives a late filing or late payment penalty notice from the IRS for the related returns and payments, the taxpayer can call the number on the Notice to have the penalty abated.
Additionally, individuals and businesses in a federally declared area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year of loss or 2022 tax return.
The official announcement of the IRS tax relief for disaster are taxpayer can be bound in the below link:
IRS: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia | Internal Revenue Service
Taxpayers who live in the affected areas should check the Notice and consult with a tax advisor for more information.
The Superfund excise tax is imposed by section 4661 of the Internal Revenue Code (IRC) on the sale or use of certain chemicals and petroleum products. The tax is designed to fund the cleanup of hazardous waste sites under the Superfund program.
If a US company has a maquiladora subsidiary (a manufacturing operation in Mexico that is owned and operated by a foreign company), it may still be subject to the Superfund excise tax if it produces or uses certain chemicals and petroleum products that are subject to the tax.
Section 4672 of the IRC provides that the Superfund excise tax is imposed on the sale or use of taxable chemicals and petroleum products by the manufacturer, producer, or importer of the products. Therefore, if the US company or its maquiladora subsidiary is the manufacturer, producer, or importer of the taxable chemicals and petroleum products, it may be subject to the Superfund excise tax.
It's important to note that the Superfund excise tax applies to specific chemicals and petroleum products that are listed in the IRC. The list includes a range of chemicals and petroleum products, such as crude oil, gasoline, diesel fuel, and certain chemicals used in manufacturing processes.
If you believe your company may be subject to the Superfund excise tax, it's best to consult with a tax professional who can provide guidance specific to your situation.