IRS Publishes Updated Registration and Reporting Forms

The IRS has published updated versions of Form 637 and Form 720. These forms are available by going to the Forms and Publications page of the IRS website, www.irs.gov. A direct link to that page is: http://www.irs.gov/formspubs/lists/0,,id=97817,00.html.

Form 637 is the registration application that all biodiesel producers and blenders must complete. (Note: Becoming officially registered may take a considerable amount time. Planning accordingly to meet the deadlines proscribed by the IRS is critical. For information about the registration process and timing, contact your local IRS Field Office.)

* Biodiesel producers:
o Two new activity letters are included to reflect your activity.
1. Activity letter ABis for producers and importers of agri-biodiesel.
2. Activity letter NBis for producers and importers of biodiesel (other than agri-biodiesel).
o An entity can register under multiple activity letters to accurately reflect their activities.
o Current producers must have their Application reviewed and approved by the IRS by July 1, 2005. New production facilities coming on-line must have their Application reviewed and approved by the IRS before commencing production.
* Blenders:
o The updated Form 637 deletes the current Activity Letter T. Blenders must now utilize the Activity Letter M. Current Tregistrants will be accepted as Mregistrants until June 30, 2005. After that date, existing Tregistrants who are blenders must be re-registered using Activity Letter M.
o New blenders must also be registered with the IRS. They must have their registration officially approved by the IRS prior to commencing any blending activities.

The Full Text of this excerpt came from the National Board for Biodiesel - Read it Here…