News & Events

Congress Reinstates OSLT:  How to File Payment for the Oil Spill Tax during Q3 2018. What is the OSLT? The oil spill liability tax (OSLT) expired on December 31, 2017, but was subsequently reinstated for the period from March 1 through December 31, 2018. The cost of the OSLT is calculated at a rate of $0.09 per barrel (approximately $0.00214 per gallon) of crude oil products (including natural gasoline). How is the OSLT usually filed? This excise tax is filed quarterly with IRS Forms 6627 and 720, but deposits are required for each semimonthly period in which the tax liability is incurred. The amount of this deposit must not be less than 95% of the amount of net tax liability incurred during the semimonthly period, unless an Read More...