IRS Notice: Public Comments Submitted on Chemical Superfund Excise Tax (IRC §4672)

Public comments released Jan. 31 on Notice 2021-66 providing an initial list of taxable substances under I.R.C. §4672(a) required to be published by the Secretary of the Treasury or her delegate no later than January 1, 2022. The IRS is suspending Notice 89-61, which prescribes the process for importers or exporters to request a determination that the list of taxable substances be modified by either adding or removing a substance until further guidance is published. Form 637, Application for Registration (For Certain Excise Tax Activities), will be modified to include Activity Letter G and until then applicants can ...