Energy Marketers of America weekly update on important national industry news

August 30, 2024

EMA Member Service Benefit with Wolters Kluwer BizFilings to Help Streamline Beneficial Ownership Information (BOI) Filing Times
Webinar: Tuesday, September 10, 2024, 11:00 a.m. EST

By January 1, 2025, over 30 million entities are required to file Beneficial Ownership Information (BOI) reports with FinCEN under the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act (NDAA) passed by Congress in December 2020. Under the CTA, companies must disclose the identities and other information about anyone who owns a stake of at least 25 percent or exercises significant control over the company. Please note that bipartisan legislation has been introduced to delay the filing deadline for one year, however, it’s better to be on the safe side and prepare to file by the end of the year.

BizFilings’ BOI reporting tool reduces filing times and errors through a streamlined, secure and automated workflow. BizFilings will offer EMA member companies a 12 percent discount off BOI report filings.

EMA and Wolters Kluwer invite you to join this 45-minute webinar on Tuesday, September 10^th at 11am EST to learn about the new BOI reporting requirement, understand how this impacts your business, and be aware of the upcoming deadlines.

EPA Extends Emergency RVP Fuel Waiver for Michigan, Illinois, Indiana and Wisconsin

Yesterday, the EPA extended a previously issued emergency RVP waiver for RFG in Michigan, Illinois, Indiana and Wisconsin. The waiver was necessary due to an ongoing fuel supply emergency caused by closure of the ExxonMobil Joliet refinery after tornados touched down in and around the Chicago area on July 15, 2024. Under the waiver, regulated parties may produce, distribute and sell gasoline in the waiver area with an RVP of no more than 9.0 psi (10 psi if the gasoline contains 10% to 15% ethanol). The extended waiver began August 28, 2024, and will continue through September 15, 2024. This waiver supersedes the earlier waiver issued on August 13, 2024.

Clean Fuels Alliance Urges Treasury to Issue Guidance on Clean Fuel Tax Credit before January 1, 2025 Effective Date

Green diesel and jet fuel stakeholders are urging U.S. Treasury Secretary to issue 45Z Clean Fuel Production Credit (CFPC) guidance as soon as possible. The stakeholders are concerned that the tax credit filing information will not be ready by January 1st when the biodiesel blender’s tax credit turns into a producer’s credit based on carbon intensity scores. Stakeholders are asking for the proposed rules and safe harbor guidance to be issued by September 1 and a final rulemaking by November 1. Ethanol, biodiesel, renewable diesel and sustainable aviation fuel (SAF) will all be eligible for the new production tax credit, however, depending on the outcome of the November elections, a GOP controlled Congress could reelevate much of the IRA’s tax credits.

“US biodiesel, renewable diesel, and sustainable aviation fuel producers are facing difficulties finalizing feedstock contracts, securing capital flows, and meeting project deadlines without knowing the value of the credit. The need for policy certainty is urgent,” the group told Yellen. The Stakeholders said guidance on 45Z needs to be issued well before the credit is set to take force on January 1, 2025.

IRS Issues New Warning Signs of Incorrect Claims for the Employee Retention Credit

The IRS recently shared five new warning signs of incorrect claims by businesses for the Employee Retention Credit. The credit is for employers who retained employees during the COVID pandemic. The new list comes from common issues the IRS has seen while reviewing and processing ERC claims. Aggressive vendors convinced many businesses to claim the credit when they’re not eligible. The IRS urges businesses to carefully review their filings to confirm their eligibility and ensure their claim doesn’t include these warning signs or other mistakes. Businesses should talk to a trusted tax professional and resolve incorrect claims through the IRS’s claim withdrawal program or the second ERC voluntary disclosure program to avoid issues such as audits, repayment, penalties and interest. The five new red flags cover these areas:

• Essential businesses during the pandemic that could fully operate and didn’t have a decline in gross receipts. Promoters convinced many essential businesses to claim the ERC when, in many instances, essential businesses weren’t eligible because their operations weren’t fully or partially suspended by a qualifying government order.
• Businesses unable to support how a government order fully or partially suspended business operations. Whether a business was fully or partially suspended depends on its specific situation. When asked for proof on how the government order suspended more than a nominal portion of their business operations, many businesses haven’t provided enough information to confirm eligibility.
• Businesses reporting family members’ wages as qualified wages. If business owners claimed the ERC using wages paid to related individuals, those claims are likely for the wrong amount or ineligible.
• Businesses using wages already used for Paycheck Protection Program loan forgiveness. Businesses can’t claim the ERC on wages that they reported as payroll costs to get PPP loan forgiveness.
• Large employers claiming wages for employees who provided services. Large eligible employers can only claim wages paid to employees who were not providing services. Many large employers’ claims incorrectly included wages for employees who were providing services during these periods.

The IRS previously issued warnings involving these seven areas:

• Too many quarters being claimed.
• Government orders that don’t qualify.
• Too many employees and wrong calculations.
• Businesses citing supply chain issues.
• Businesses claiming ERC for too much of a tax period.
• Businesses didn’t pay wages or didn’t exist during eligibility period.
• Promoter says there’s nothing to lose.

For details on all of these warning signs, check new and previous shared signs ERC claims may be incorrect.

Businesses can also use the IRS’s ERC Eligibility Checklist or review Frequently Asked Questions about ERC Eligibility to help identify incorrect claims.

Member Services Benefit with RINAlliance
Are You Taking Advantage of the Renewable Fuel Standard?

In 2024, the Energy Marketers of America announced an exclusive member service agreement with RINAlliance, so that every fuel marketer has an opportunity to leverage the Renewable Fuel Standard (RFS).

Whether a fuel marketer is determining whether to blend and take renewable fuel with RINs, or whether they are a current RFS participant looking to improve RIN management, RINAlliance can help with strategies, tools and expert support.

Schedule your consultation today to learn more by visiting www.rinalliance.com/contact. Be sure to tell them you heard about RINAlliance through EMA or one of its Federation members.

EMA’s October 6-7 Fall Meeting at the NACS Show 2024: FINAL CALL!

EMA will hold its Fall Meeting in conjunction with the NACS Show on October 6-7 at the Encore at Wynn Las Vegas. The EMA meeting will begin with a New Attendee Orientation/Federal Legislative Update mid-afternoon on October 6. The NACS/EMA Reception Salute to State Association Executives (all EMA members are welcome) will follow at the Las Vegas Convention Center in the Hunter Club Lounge. On the morning of October 7, there will be a Buffet Breakfast followed by Region and Committee Meetings. The EMA Board of Directors meeting is scheduled after the Distinguished Service Award Luncheon honoring Spirit® Petroleum President and former Washington State Marketer Gerry Ramm exclusively sponsored by EMA Board of Directors Council Partner Federated Insurance.

A final reminder invitation was sent to your inbox on August 20. Registration deadline is September 3, 2024 at 12:00pm Eastern. Responding to the links on the invitation email is the recommended way to register or decline.
Please note that our room block is sold out! Members have access to all other hotels with availability in the block. If the general block has rooms, you will continue to see those options.

Remember, the NACS Show registration is separate from EMA’s Fall Meeting registration.

Special EMA Members Code for NACS Show 2024 Registration

The NACS Show is returning to Las Vegas this October, and deadlines are approaching.

Using this code provides EMA with $100 for every retailer or jobber paid registration at any rate. EMA encourages EMA state execs to promote and share with your state association’s member companies. Please see attached flyer.

**Please note that EMA State Execs are comped for NACS Show registration, and this link was sent out on August 12. Additionally, the NACS Show registration is separate from EMA’s Fall Meeting registration.

Again, the EMA NACS Show Registration Code is: EMANS2024 and CLICK HERE for full instructions to register.

Questions registering for NACS Show? Contact NACS Show registration customer service at nacs@maritz.com or 469-513-9489, Monday-Friday, 9:00 a.m. – 5:00 p.m. EST, for assistance.

Purchase PAC Raffle Tickets for an Opportunity to Win a Ben Hogan 1951 Pebble Beach Framed Golf Photo

EMA will hold a PAC raffle during the EMA Fall Meeting at the Encore at Wynn in Las Vegas, Nevada October 6-7. The raffle winner will be identified during the conference on October 7. The winner does not have to be present to win. If you are not attending the conference and you are the fortunate owner of the Ben Hogan Framed Photo, you will be notified the week following the October drawing.

Ben Hogan was considered one of the greatest players in the history of golf. He is one of only five players to have won all four majors. This framed photo captures a small piece of history.

The proceeds of the raffle will benefit the EMA Small Business Committee (SBC) PAC. The money distributed to the PAC is used to benefit federal legislators who support the industry and have a solid record on key industry legislative issues.

Tickets are $25 each or five for $100. Advanced tickets for the Ben Hogan Framed Golf Photo are available for purchase until October 4. Ticket sales will continue at the Energy Marketers of America’s conference in Las Vegas until the drawing on October 7. Tickets must be paid for with personal funds by MasterCard, VISA, American Express, cash (cash cannot exceed $100 due to Federal regulations) or check, which should be made out to the EMA SBC PAC. To purchase tickets before October 5, please email completed PAC Raffle flyer to Sabrina Pitcher.

Weekend Reads

Public service campaign blasts Kamala Harris’ electric vehicle agenda | Washington Examiner

Rail union issues notice to CN, CPKC to remain on strike despite government intervention | S&P Global

Hurricanes could upend US oil and gas exports and global energy markets. Here’s what to know. | New Atlanticist

Federated Insurance Employment Practices Network HR Question of the Month

Federated Insurance’s HR Question of the Month focuses on employment-related practices liability issues. This month’s question is: Working From Home. During the slower summer months, we allow our employees to work from home as a type of perk. To be eligible to work from home, an employee must have been employed at the company for at least one year. We have a new employee who has requested to work from home as an accommodation due to a disability. Do we have to allow her to work from home? She has been employed with us for less than one year and thus does not qualify under our policy. Please click here to read the response.

For additional information or to discuss this in further detail, please contact your Federated regional representative or EMA’s new National Account Executive Patrick Cunningham at 507.455.8935 for any additional information or risk management questions. Federated is a Partner in EMA’s Board of Directors Council.