Tax Law and International Tax Law

In response to constrained global diesel supplies and rising fuel costs, the Treasury Department is directed to provide temporary tax relief for farmers, truckers, and other affected taxpayers. The order mandates deferral of diesel excise taxes incurred between October and December 2026, while also directing agencies to explore options for permanently forgiving these deferred obligations. Implementation requires coordination across Treasury, IRS, Agriculture, and Transportation departments to balance relief

The IRS has issued proposed Treasury Regulations that would significantly expand reporting obligations and clarify certification rules for Qualified Opportunity Funds and Qualified Opportunity Zone Businesses. These proposed changes introduce new information return requirements, establish formal decertification procedures, and impose substantial penalties for non-compliance, fundamentally reshaping the administrative landscape for opportunity zone investments.

Many taxpayers that may be entitled to refunds of IRS interest and penalty payments under more generous interpretations of the COVID relief rules will likely have only a few months (until July 10, 2026) to file refund claims to protect their rights. Some deadlines may run even sooner.