If your organization is urgently making an attempt to know the brand new Superfund US Federal Excise and Hazardous Substance Tax rules and the impression on the group, there’s a brief window to organize and comply.
What’s Superfund?
After greater than 25 years, excise taxes on a specified record of chemical compounds and imported hazardous substances within the U.S. have been reinstated by means of the passing of the Infrastructure Funding and Jobs Act signed into regulation on November 15, 2021. The excise taxes, efficient July 1, 2022, and the complexities round how they’re levied pose critical challenges for firms 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 could be anticipated to have an effect on a number of useful areas of an organization together with Procurement, Finance, Tax, Environmental Regulatory Departments, and Data Know-how. Corporations have been given a brief window to know their duties, correctly handle these new obligations, and perceive the impression on their backside line.
Challenges created by Superfund for enterprise tax and IT professionals
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In consequence, this places stress on the ERP techniques, buying techniques, or different current operational assist techniques, 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 preserve the tax content material updated, or to reconcile the inaccuracies in the course of the file preparation and remittance course of. And eventually, this case is exacerbated by an absence of compliance course of automation (i.e., further human errors by means of handbook workarounds that add to the trouble required to repair compliance errors earlier than the return is lastly filed).
Complying with Superfund by means of automation
No matter your company’s attain of operations ONESOURCE Willpower offers you the ability, flexibility, and intelligence you want for even essentially the most advanced transactions enabling you to calculate appropriate tax for Superfund Excise Taxes in milliseconds. Effortlessly navigate the ever-changing tax panorama by letting our tax analysis workforce monitor these evolving rules and mechanically replace your techniques at no down-time or value to you and your groups.
KPMG and Thomson Reuters give firms 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, firms will have the ability to proactively:
- Assess the wants and necessities of their enterprise
- Implement the precise processes and supporting know-how
- Guarantee end-to-end compliance
“ONESOURCE Willpower offers firms the flexibility to shortly adjust to Superfund Excise and Hazardous Substance taxes by mechanically and precisely calculating the quantity of excise tax owed. We’re excited to associate with Thomson Reuters to mutually assist prospects deal with these impending compliance challenges.” Robert Kleppel, Companion, State and Native Tax, KPMG
To be contacted by a Thomson Reuters Consultant, fill out the next contact type. For extra data, contact Robert Kleppel (rkleppel@kpmg.com) or Taylor Cortright. (tcortright@kpmg.com).
Superfund Excise Tax and Hazardous Substance Tax Assets:
