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Small business & company tax · Oct 22, 2026

Dyed Diesel on the Highway (October 1–December 31, 2026): IRS Waives Form 720 Reporting and Recordkeeping (IR-2026-125) — What Farms, Contractors, Truckers and Fuel Sellers Should Do Now

In IR-2026-125 (October 21, 2026), the IRS said it will not challenge missing Form 720 filings, reports or records that are solely due to IRC §4041(a) tax on taxable dyed-diesel uses from October 1 through December 31, 2026, building on the IR-2026-122 penalty relief. Other excise taxes, fuel tax credit records and state rules such as North Carolina's S.L. 2026-62 and Form GAS-1259 still apply.

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Small business & company tax · Oct 9, 2026

Executive Order 14435: Federal Diesel Excise Tax Deferral and Dyed-Diesel Penalty Relief (Oct. 5–Dec. 31, 2026)—Checklist for Truckers, Farmers and Fuel Retailers | YCL | YCL CPA

Executive Order 14435, signed October 5, 2026, directs Treasury to defer certain 24.4¢-per-gallon federal diesel taxes incurred October 5–December 31, 2026 and to waive dyed-diesel highway penalties, if the law allows. It is a deferral, not forgiveness—here is what truckers, farmers and fuel retailers in every state should track while IRS guidance is pending.

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