If your organization is urgently attempting to grasp the brand new Superfund US Federal Excise and Hazardous Substance Tax laws and the influence on the group, there’s a quick window to organize and comply.
What’s Superfund?
After greater than 25 years, excise taxes on a specified listing of chemical compounds and imported hazardous substances within the U.S. have been reinstated by the passing of the Infrastructure Funding and Jobs Act signed into legislation on November 15, 2021. The excise taxes, efficient July 1, 2022, and the complexities round how they’re levied pose severe challenges for corporations that import, manufacture, produce, promote, or use any of the 42 taxable chemical compounds, and 150 listed substances, recognized in IRS Discover 2021-66.
Who’s affected by Superfund and what are their challenges?
The newly reinstated excise tax compliance obligations will be anticipated to have an effect on a number of useful areas of an organization together with Procurement, Finance, Tax, Environmental Regulatory Departments, and Info Know-how. Firms have been given a brief window to grasp their obligations, correctly handle these new obligations, and perceive the influence on their backside line.
Challenges created by Superfund for enterprise tax and IT professionals
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Because of this, this places stress on the ERP programs, buying programs, or different present operational help programs, to ship correct, repeatable, predictable, and constant excise tax dedication outcomes. This in flip results in an elevated burden on IT, Finance and Tax, to both hold the tax content material updated, or to reconcile the inaccuracies throughout the file preparation and remittance course of. And eventually, this example is exacerbated by a scarcity of compliance course of automation (i.e., extra human errors by handbook workarounds that add to the hassle required to repair compliance errors earlier than the return is lastly filed).
Complying with Superfund by automation
No matter your company’s attain of operations ONESOURCE Willpower provides you the facility, flexibility, and intelligence you want for even probably the most complicated transactions enabling you to calculate right tax for Superfund Excise Taxes in milliseconds. Effortlessly navigate the ever-changing tax panorama by letting our tax analysis crew monitor these evolving laws and routinely replace your programs at no down-time or value to you and your groups.
KPMG and Thomson Reuters give corporations the insights and instruments they should shortly assess and adjust to the newly reinstated Superfund Excise Tax legal guidelines, minimizing the chance of non-compliance prices to the enterprise.
By assembly with KPMG and Thomson Reuters, corporations will have the ability to proactively:
- Assess the wants and necessities of their enterprise
- Implement the proper processes and supporting know-how
- Guarantee end-to-end compliance
“ONESOURCE Willpower provides corporations the flexibility to shortly adjust to Superfund Excise and Hazardous Substance taxes by routinely and precisely calculating the quantity of excise tax owed. We’re excited to accomplice with Thomson Reuters to mutually assist prospects deal with these impending compliance challenges.” Robert Kleppel, Accomplice, State and Native Tax, KPMG
To be contacted by a Thomson Reuters Consultant, fill out the next contact kind. For extra data, contact Robert Kleppel ([email protected]) or Taylor Cortright. ([email protected]).
Superfund Excise Tax and Hazardous Substance Tax Sources: