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Superfund Excise Taxes Reinstated July 1, 2022

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The Superfund was financed through excise taxes, like those imposed on certain crude oil and petroleum products and on domestically produced and imported petrochemicals and inorganic chemicals. This means the tax rates will be higher and apply to more substances than they did in the past. Business Tax Services.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

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Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year. billion in 2031.

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