Fillable Form 928 - Taxable Fuel Bond (Page 2 of 2) in pdf

Page 2

Instructions for Form 928, Taxable Fuel Bond

General Instructions

Period of Bond

Section references are to the Internal Revenue Code unless

The liability stated on the bond is a continuing one. It is not made

otherwise noted.

for any fixed period of time. If the quarterly liability for excise tax

that would be imposed on gasoline, diesel fuel or kerosene is

Purpose of Form

increased or decreased, contact the Internal Revenue Service

Use this form to post bond required under section 4101,

immediately after the quarter to see if a strengthening or

Registration and bond.

superseding bond is necessary. The bond may also have to be

changed if there is a substantial change in ownership or

Who Must File

management of the business.

This form must be completed by any person required by the

Strengthening or Superseding Bond

Internal Revenue Service to post bond as a condition of

registration, or to retain its existing registration, on Form 637,

The Internal Revenue Service may require a strengthening or

Application for Registration, (For Certain Excise Tax Activities),

superseding bond if:

for purposes of the excise tax imposed on gasoline, diesel fuel or

• It is necessary to ensure collection of the taxes imposed

kerosene.

under sections 4041(a)(1) and 4081, or

Where To File

• The volume of fuel removed or sold in any month is greater

than the volume on which the existing bond is based.

File Form 928 in duplicate with the IRS employee who required

the posting of the bond.

A “strengthening bond” is an additional bond you give to increase

the amount of your existing bond. A “superseding bond” is a new

Qualifying Sureties

bond that takes the place of an existing bond. If you do not

The surety on the bond must be listed in the Department of the

submit a strengthening or superseding bond when required, your

Treasury Circular 570 as an acceptable surety or reinsurer on

registration may be suspended or revoked.

Federal bonds.

Paperwork Reduction Act Notice

Amount of Bond

Taxable Fuel — Generally, the amount of bond must be in an

We ask for the information on this form to carry out the Internal

amount that the Internal Revenue Service determines will ensure

Revenue laws of the United States. You are required to give us

timely collection of the taxes imposed by sections 4041(a)(1) and

the information. We need it to ensure that you are complying with

4081, taking into account the applicant’s or existing registrant’s

these laws and to allow us to figure and collect the right amount

financial capabilities, tax history, and expected liability under

of tax.

sections 4041(a)(1) and 4081. The Internal Revenue Service

may increase or decrease the amount of the required bond to

The time needed to complete and file this form will vary

take into account changes in the applicant’s or existing

depending on individual circumstances. The estimated average

registrant’s financial capabilities, tax history, and expected

time is:

liability under sections 4041(a)(1) and 4081. However, in no case

Recordkeeping

. 1 hr., 55 min.

may the amount of the bond be greater than the amount that the

Learning about the law or the form .

. 18 min.

Internal Revenue Service determines is equal to —

Preparing, copying, assembling, and

sending the form to the IRS

20 min.

(a) The applicant’s or existing registrant’s expected tax liability

under sections 4041(a)(1) and 4081 for a representative 6-

If you have comments concerning the accuracy of these time

month period (as determined by the Internal Revenue

estimates or suggestions for making this form simpler, we would

Service); and

be happy to hear from you. You can write to both the Internal

Revenue Service, Washington, DC 20224, Attention: IRS

(b) In the case of a terminal operator, the expected tax liability of

Reports Clearance Officer, T:FP; and the Office of Management

persons other than the terminal operator under section 4081

and Budget, Paperwork Reduction Project (1545-0725),

with respect to taxable fuel removed at the racks of its

Washington, DC 20503. DO NOT file this form with either of

terminals (determined as if all removals of taxable fuel were

these offices. See Where To File.

taxable) during a representative 1-month period (as

determined by the Internal Revenue Service).

Who May Sign as Principal

The bond must be signed by:

• The individual, if the applicant or existing registrant, is an

individual,

• The president, vice president, or another principal officer, if

the applicant or existing registrant, is a corporation,

• A responsible and authorized current member or officer

having knowledge of the organization’s affairs, if the

applicant or existing registrant, is a partnership or other

unincorporated organization, or

• The fiduciary, if the applicant or existing registrant, is a trust

or estate.

928

Catalog Number 16984Z

Form

(Rev. 9-2017)

Form 928 - Taxable Fuel Bond Page 2

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