With the recent disruption of the fuel supply chain, the IRS is responding with tax relief for some businesses. Generally, a penalty applies to the use of non-taxed dyed diesel fuel for non-exempt purposes. Retroactive to May 7 and through May 21, 2021, the IRS will temporarily waive the penalty when fuel is for use on the highways in the states of AL, DE, FL, GA, LA, MD, MS, NC, PA, SC, TN, VA and Washington DC. This penalty relief is available to any party that sells or uses dyed diesel fuel for highway use, if the seller or user has paid the tax of 24.4 cents per gallon normally applied to fuel for highway use. The IRS is closely monitoring the situation for possible future action. Call or visit our website for more information! www.mjscpa.com/
