Obviously, the destruction caused by Hurricane Katrina has had a major impact on fuel supplies. The IRS is temporarily waiving regulations that ban the sale of certain diesel fuels to address shortages.
Laptop Battery Dyed Diesel Fuel No Longer Banned
In addition, related acts. Taxpayers in the designated areas will have until October 31, 2005, to file tax returns and submit tax payments. year corporate returns with automatic extensions. The IRS will abate the late filing or late payment penalties that would otherwise apply. In addition, the Federal Tax Deposit (FTD) September 23, 2005. Taxpayers should mark the Disaster Designation, "Hurricane Katrina, " related forms.
Thinkpad Diesel fuel comes in two general forms, clear and dyed. Dyed diesel is not environment friendly. Under laws passed by Congress, the IRS effectively bans the sale of dyed diesel fuel for use on highways. Put another way, the trucking industry must use clear diesel for transports.
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Microsoft In the wake of serious fuel shortage issues caused by Hurricane Katrina, the IRS is immediately waiving the tax penalties applicable to the use of dyed diesel on highways. This surprisingly quick policy decision is a reflection of exploding fuel prices and a stark lack of supply.
has devastated the people of Louisiana and Mississippi. It is sad to see our fellow Americans homeless, hungry and thirsty because of the catastrophe of Hurricane Katrina. What is worse is when we see people who are wasting their money on inappropriate things when they could be helping the victims of Hurricane Katrina. There are a lot of Hurricane Katrina fundraisers who are donating the entire percentage of money to the Hurricane Katrina victims. If you want to help out our fellow Americans, you can donate some money to one of these Hurricane Katrina funds. First of all, make sure that the fund is legitimate and that it donates a high percentage to the Hurricane Katrina victims.
Laptop Computers The order issued by the Commissioner of the IRS is only effective until September 15, 2005 at this time. It is anticipated that the Commissioner will extend this time period since it is clear the fuel issues will not be overcome by the deadline.
According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
Laptop Computer While the penalties associated with dyed diesel are waived, the IRS has chosen to keep a basic diesel fuel tax in place. All sales of dyed diesel fuel are subject to a 24.4 cent tax per gallon. Either the retailer or purchaser can pay. The IRS, however, has indicated that it will waive any penalties and interest assessments associated with failure to make bi-weekly deposits of the tax. In addition, users of dyed diesel fuel need not concern themselves with any EPA restrictions related to its use during this temporary waiver.
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Desktop Computer In Closing
Notebooks Typically criticized for reacting slowly, the IRS should be commended for taking quick steps to free up fuel from a tax perspective. To support the trucking industry, let us hope the deadlines are extended well past September 15, 2005.
Lenovo Richard Chapo is with Business Tax Recovery - Stop overpaying small business taxes. Read more business tax articles.
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Travelstar Rick Chapo is with Nomad Journals - makers of writing journals. He is also with BusinessTaxRecovery.com - information on taxes.
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