Fuel Tax Credit Group
Fuel Tax Credit
A Cost Recovery Opportunity
Opportunity Overview
In accordance with the federal highway bill, SAFETEA, businesses (or government entities) that use alternative fuels, such as propane or compressed natural gas, may be eligible for a refundable income tax credit beginning October 1, 2006. Under current law, the credit is effective up to December 31, 2009, and is subject to extension.
Procedures
Registration: The tax rules provide that the organization must be registered by the IRS before claiming a credit for alternative fuel use. The registration period takes approximately one to two months.
Filing a Claim: Once registered, the organization may file a claim for refund (or credit against tax) on the applicable IRS form. Applicable statutory periods apply.
How can we assist you?
The Fuel Tax Credit Group can provide the following tax credit / refund services:
· Analysis of your organization’s specific facts and operations to determine eligibility for tax credit benefit.
· Assistance with an efficient and successful registration process.
· Analysis of your organization’s financial books and records to determine and calculate the tax credit amount to be claimed for the appropriate period.
· Assessment of the applicable filing method.
· Preparation of tax credit claims, and assistance with the filing of applicable credit claims with the IRS.
· Preparation and organization of relevant data and documentation to support the tax credit claims filed with the IRS.
· If applicable, audit support for filed claims.
· Work with key personnel to establish procedures to stream line the information gathering process to efficiently obtain the pertinent data to file tax credit claims on a go forward basis.
Timing
Please note that the quarterly tax filing approach requires that claims must be filed by the last day of the quarter following the earliest quarter included in the claim. For example, a claim for the 1st quarter of 2008 must be filed any time prior to the last day of the 2nd quarter of 2008 (June 30, 2008). As such, timing is of the essence for completing registration (which takes approximately one to two months), and filing a claim by June 30, 2008.
Contact
Teig Lawrence, Partner
Fuel Tax Credit Group, LLC
4770 Biscayne Boulevard, Suite 940
Miami, Florida 33137
Phone: 305-576-3335
Fax: 305-576-4260
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