TAG Tax

IRS Issues Statement on Export Tax for Oil Spills

In the March 6, 2023 Internal Revenue Bulletin the IRS issued a notice stating that it will acquiesce in the decision of the court in a case saying that the oil spill tax is unconstitutional as applied to exports (Trafigura Trading LLC v. United States, 29 F.4th 286 (5th Cir. 2022)). This means the IRS will accept the holding of the court and follow it in disposing of cases with the same controlling facts. Following this statement, protective refunds that have been filed by taxpayers should begin to be processed.

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