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IRS Publishes Updated Registration and Reporting Forms
The IRS has published updated versions of Form 637 and Form 720. These forms
are available by going to the Forms and Publications page of the IRS website,
www.irs.gov. A direct link to that page is: http://www.irs.gov/formspubs/lists/0,,id=97817,00.html.
Form 637 is the registration application that all biodiesel producers and
blenders must complete. (Note: Becoming officially registered may take a
considerable amount time. Planning accordingly to meet the deadlines proscribed
by the IRS is critical. For information about the registration process and
timing, contact your local IRS Field Office.)
- Biodiesel producers:
- Two new activity letters are included to reflect your activity.
- Activity letter ABis for producers and importers of agri-biodiesel.
- Activity letter NBis for producers and importers of biodiesel
(other than agri-biodiesel).
- An entity can register under multiple activity letters to
accurately reflect their activities.
- Current producers must have their Application reviewed
and approved by the IRS by July 1, 2005. New production
facilities coming
on-line must
have their
Application reviewed and approved by the IRS before commencing
production.
- Blenders:
- The updated Form 637 deletes the current
Activity Letter T. Blenders must now utilize the Activity Letter M. Current
Tregistrants will be accepted
as Mregistrants until June 30, 2005. After that date, existing Tregistrants
who are blenders must be re-registered using Activity Letter M.
- New blenders must also be registered
with the IRS. They must have their registration officially approved by
the IRS prior to commencing any
blending activities.
Form 720 is the Quarterly Federal Excise Tax Return. Entities utilize this
form to report and pay federal excise tax.
- The updated form provides a line to report sales
or removal of biodiesel mixture other than removal at a terminal rack. (IRS
No. 60c)
- Biodiesel Mixture Credits are calculated on Schedule C, Line 13. The
value of the calculated credits is reported in Part 3; Line 4-Claims on
the Form
720.
Scott Hughes
Regulatory Director
National Biodiesel Board
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