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Domestic Petroleum Superfund Tax
Domestic Petroleum Superfund Tax

What Is the Domestic Petroleum
Superfund Tax(IRS No 53)?

The Domestic Petroleum Superfund Tax, which falls under the Superfund Excise Tax, was initially enacted under Internal Revenue Code (IRC) Section 4671 and Section 4672. This tax is imposed on petroleum products, with the goal of funding environmental cleanup activities associated with the Superfund program.

Key Points

Form 720 Tax Rate: Domestic Petroleum is subject to the Superfund excise tax at $0.17 per barrel and must be reported on IRS Form 720 for the applicable quarter.

  • The tax applies to petroleum products, such as gasoline, kerosene, and diesel, produced or imported into the United States.
 
  • The tax rate varies based on the type of petroleum product, with a specific rate for each category outlined in the IRC.
  • The tax is typically paid by the manufacturer, producer, or importer, and is filed quarterly using IRS Form 720.
Who Is Responsible for Paying This Tax?

The manufacturer, producer, or importer of the petroleum products is responsible for reporting and paying the tax. The tax is reported on IRS Form 720 and paid on a quarterly basis.

Why Opt for Electronic Filing for Your Domestic
Petroleum Superfund Tax(IRS No 53)?

Easy Storage and Retrieval
of Documents
With Simple720's e-filing system, you can store and easily retrieve all your tax filings and supporting documents in one secure location, ensuring smooth record-keeping and audit preparation.
Cost-Saving Convenience
E-filing eliminates the need for mailing paper forms, saving you significant postage, handling, and administrative costs. It's a more affordable and efficient option for petroleum product manufacturers and importers.
Customer Support
Simple720 offers dedicated customer support to assist you throughout the filing process, ensuring that you have help whenever you need it.

Steps to Complete Your Domestic Petroleum
Superfund Tax(IRS No 53) Filing with Simple720

STEP 1
Enter Business Details
Provide your business name, address, EIN, and contact information.
Filing Steps Image 1
Filing Steps Image 2
STEP 2
Tax Information
Navigate to Environmental Tax and select Domestic Petroleum Superfund Tax (53).
Enter
  • Tax date
  • Tax type
  • Crude oil received at a U.S. refinery
  • Crude oil taxed before receipt at refinery
  • Crude oil used in the U.S. before the tax was imposed
STEP 3
Payment Information
Review the tax amount and select your preferred payment method to finalize the filing.
Filing Steps Image 3
File Form 720 Online

Why Choose Simple720 for Filing Your Domestic
Petroleum Superfund Tax(IRS No 53)?

IRS Authorized E-File Transmission
Simple720 is IRS-approved to electronically transmit Form 720, ensuring your filings are processed securely and reliably, with compliance guaranteed.
AICPA SOC Certified Portal
Our portal is AICPA SOC certified, providing top-notch security and data protection, ensuring your sensitive tax information remains safe.
Easy and Simple Navigation
Our user-friendly platform offers an intuitive interface that makes the filing process straightforward, minimizing errors and saving you time.

Simple720 Vs Others

IRS Authorized e-Filer Brand X Brand Y Brand Z
Cloud-Based Yes No No No
Software Download None Yes-PC Only Yes Yes
License None Required Required Required
Annual Contract No Required Required Required
All Excise Taxes Yes Fuel Taxes Only No No
Cost $59.95/return $1,000+/yr. $1,500+/yr. $5,000+/yr.
Testimonial
What Clients Are Saying
- Smith, Texas

Seamless Filing Experience
Filing the Domestic Petroleum Superfund Tax was always confusing and time-consuming. With Simple720, I can file in minutes and have everything done right. No more complicated paperwork!

- Williams, New York

Cost and Time Savings
As a large petroleum importer, Simple720's e-filing option saved us so much time and money. We no longer waste resources on paper filings or postage.

- Johnson, California

Audit-Ready Records
We appreciate how Simple720 keeps our records organized. Whenever we need to retrieve our past filings or documents for audits, everything is right at our fingertips.

File Form 720 Online

Frequently Asked Questions

Yes, the Domestic Petroleum Superfund Tax applies to all applicable petroleum products produced or imported into the U.S., with different rates based on the product type.

The manufacturer, producer, or importer of the petroleum products is responsible for collecting and remitting the tax via Form 720.

Yes, when filing Form 720, you can report all relevant petroleum products and transactions for the quarter in a single submission.

Petroleum products include fuels like gasoline, kerosene, and diesel, along with other refined petroleum-based products as specified under IRC Section 4671.

Failure to file on time may result in penalties and interest charges from the IRS. Filing electronically with Simple720 ensures timely submissions and compliance, helping to avoid these issues.

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