This Week's Internal Revenue Bulletin

HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

ADMINISTRATIVE

Notice 2018–21, page 472. This notice provides rules claimants must follow to make a one-time claim for payment of the credits and payments allowable under §§ 6426(c), 6426(d), and 6427(e) of the Internal Revenue Code for biodiesel (including renewable diesel) mixtures and alternative fuels sold or used during calendar year 2017. This notice also provides instructions for how a claimant may offset its § 4081 liability with the § 6426(e) alternative fuel mixture credit for 2017, as well as instructions for how a claimant may make certain income tax claims relating to biodiesel, second generation biofuel, and alternative fuel. In addition, this notice provides a temporary modified safe harbor for semimonthly deposits of the oil spill liability tax imposed by § 4611, which was reinstated effective March 1, 2018.

EXCISE TAX

Notice 2018–21, page 472. This notice provides rules claimants must follow to make a one-time claim for payment of the credits and payments allowable under §§ 6426(c), 6426(d), and 6427(e) of the Internal Revenue Code for biodiesel (including renewable diesel) mixtures and alternative fuels sold or used during calendar year 2017. This notice also provides instructions for how a claimant may offset its § 4081 liability with the § 6426(e) alternative fuel mixture credit for 2017, as well as instructions for how a claimant may make certain income tax claims relating to biodiesel, second generation biofuel, and alternative fuel. In addition, this notice provides a temporary modified safe harbor for semimonthly deposits of the oil spill liability tax imposed by § 4611, which was reinstated effective March 1, 2018.

INCOME TAX

Notice 2018–23, page 474. Notice 2018–23 provides transitional guidance regarding the requirements of Sec. 162(f), as amended on December 22, 2017, and sec. 6050X, added on December 22, 2017.