2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreConsistent with the Hurricane Helene penalty relief announced by the Internal Revenue Service (IRS), the Florida Department of Revenue is also waiving the penalty for state fuel tax purposes through October 15, 2024. This relief is available to any business or individual who sells or uses dyed diesel fuel for on-highway use. During the penalty relief period, dyed diesel fuel sold or used for on-highway use should be reported and taxed in the same manner as undyed diesel fuel. In response to Hurricane Helene, the IRS announced that it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway. This penalty relief period began September 26, 2024, and will continue through October 15, 2024.
During the penalty relief period, terminal suppliers should continue to sell dyed diesel fuel to wholesalers without collecting fuel taxes. Terminal suppliers that sell dyed diesel fuel to retail dealers, resellers, or to the ultimate consumer for use in highway vehicles are responsible for collecting and remitting to the Department fuel taxes of 37.4 cents per gallon and pollutant taxes of 2.071 cents per gallon.
During the penalty relief period, wholesalers/importers should collect and remit the tax on dyed diesel fuel sold to customers who consume such fuel in highway vehicles. Wholesalers/importers that sell dyed diesel fuel to retail dealers or resellers for use in highway vehicles are responsible for collecting and remitting to the Department fuel taxes of 37.4 cents per gallon and pollutant taxes of 2.071 cents per gallon.
To report and remit fuel taxes on dyed diesel sold for use in highway vehicles during the penalty relief period, terminal suppliers and wholesalers/importers must provide information on both the receipt and the disbursement of the fuel. To document the receipt, terminal suppliers and wholesalers/importers should list the number of gallons of dyed diesel fuel received for highway use on the Schedule of Receipts (schedule 2B and product code 167). Terminal suppliers must carry the total from the Schedule of Receipts to Page 5, Section I, Line 5 of the Terminal Supplier Fuel Tax Return (Form DR-309631). Wholesalers/importers must carry the total from the Schedule of Receipts to page 5, section I, line 4 of the Wholesaler/Importer Fuel Tax Return (Form DR-309632). Tax Information Publication, No. 24B05-03, Florida Department of Revenue, October 4, 2024
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]
Read MoreThe IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]
Read MoreThe IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]
Read MoreFlorida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]
Read MoreFor purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]
Read MoreThe IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]
Read MoreThe IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]
Read More