Awaiting Proposed Rule, Chemical Sector Seeks IRS Superfund Tax Guide

As they await a new proposed rule, chemical industry groups are urging the Internal Revenue Service (IRS) to issue clarifying guidance on a range of key issues related to the agency’s renewed Superfund chemical taxes as well as a year-long extension to the deadline on penalty relief for good-faith underpayments of quarterly taxes . The IRS’s deadline for penalty relief under the Superfund tax ends on March 24, but the National Association of Chemical Distributors (NACD) is urging the agency...