skip to main content
X

Services

Tax

We’re committed to relieving the tax burdens of businesses, individuals, and families. With a careful assessment of your situation, our tax professionals develop a uniquely customized strategy for your tax planning needs with the objective of minimizing your tax liability. 

CONGRESS REINSTATES ALTERNATIVE FUEL EXCISE TAX CREDIT

January 24, 2020

CONGRESS REINSTATES ALTERNATIVE FUEL EXCISE TAX CREDIT

In late December 2019, Congress reinstated the Alternative Fuel Excise Tax Credit retroactive to the beginning of 2018. This credit, which many knew as the “Propane Credit”, allows taxpayers to claim a credit on their tax return for excise tax paid on alternative fuels used in the course of their business. It originally expired as of December 31, 2017.

With this credit being retroactively reinstated, a process has been put in place that allows taxpayers to still claim a credit for excise taxes paid on alternative fuels during 2018. Taxpayers may even make this retroactive claim for refund without having to incur the additional cost and headache of preparing an amended 2018 tax return.

Under this process, there is a form that the taxpayer must submit on which they claim the credit for both 2018 and 2019. There is a 180-day claim period, beginning February 14, 2020 and ending on August 11, 2020, during which Form 8849 must be filed with the IRS. This form does not need to be submitted at the same time as the taxpayer’s 2019 tax return.

Hide Firm Disclaimer

©2020 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.