b"Marketer InformationRules & Regulationscontinued from page 16IRS TO CLEAR BACKLOGof Unpaid 8849 Refund Claims filed for FY 2020 Quarters One and Twothe latest. The first refund checks went out in January. In orderfederal motor fuel excise tax filing requirements. Paper filingto prevent further processing delays, the refund checks will notis going the way of the fax machine. Electronic include interest due for late processing. A second check for thefiling is the most efficient method to do busi-interest alone will be sent out at a later date, once the ness with the IRS. In an industry where backlog is cleared.margins are perpetually tight, cash flow The good news is that the amount of interestpredictability is important. Filing tax forms owed by the IRS to claimants for late paymentselectronically provides the kind financial is not insignificant. The interest rate for late pay- predictability marketers need that paper ments is the federal short-term rate (set quarterly)filing can no longer guarantee. This is plus three percent, compounded daily. The interestparticularly true after twenty years of period begins on the forty-sixth day after the IRSIRS appropriation cutbacks by Con-receives the claim (for paper claims) and runs throughgress. If youve ever wondered why to the date the check is mailed to the claimant. Sincecontacting the IRS by phone results the processing delay period stretches overin waiting on hold for hours at a three quarters, computation of interesttime, appropriation cutbacks are owed will be a complicated and time- the cause. The steady loss of tax consuming process. Marketers shouldprocessing personnel at the IRS is not expect interest payments on delayedlikely to make the kind of refund claims until April or May. The bad newsdelays marketers are now experi-is the amount paid in interest is countedencing much more common. It is a good as income and must be claimed on incomeidea to make the switch to electronic filing ahead of tax returns filed for the corresponding taxtime, before it is required. Converting to electronic filing now year. The IRS will send a letter out to all provides sufficient time for employee training and accounting claimants explaining the two-check refund process. process adjustments. IRS Electronic Filing directions are found in the instruction section of all IRS claim forms, including Form The IRS is advising marketers to file all new 8849 claims8849. IRS forms and instructions can be downloaded atelectronically to ensure timely processing. While paper filing iswww.irs.gov, or go directly to www.irs.gov/efile for electronicstill allowed, it likely wont be long before electronic filing willfiling instructions. The 21 stCentury has arrived. It is time to become mandatory. Now is probably a good time for marketersleave 20 thcentury tax filing practices behind and embrace to start planning the switch from paper to electronic filing for allelectronic filing.SWashington Wirecontinued sources. At this point there are several options on the table includ-will likely result in a showdown between lawmakers focused oning a statewide payroll tax similar to what was recently passed in climate policy and those committed to supporting Washingtonsthe City of Seattle, a digital ads tax and a capital gains tax.transportation system. For the 2021 session, WOMAs primary focus will be on de-Additional anticipated legislation will relate to wildfire response,feating harmful climate policy proposals that threaten the fuel homelessness, police reform, unemployment insurance andsupplier industry and its customers. We will be providing regular pandemic specific labor standards, among others. Finally, likeupdates and guidance for WOMA members to communicate, the Governor, some legislators will be looking for new revenueonline, with the legislature. S US Presidents continuedPresidents' Day HOLIDAYholidays to Mondays. The change was designed to schedule certain holidays so that Third Monday in February workers had a number of long weekends throughout the year. During debate on the Presidents Day, officially Washingtons Birthday, is popularly recognized as honoringbill, it was proposed that Washingtons Birthday be renamed Presidents Day to honour George Washington and Abraham Lincoln. The day is sometimes understood as a celebra- the birthdays of both Washington (February 22) and Lincoln (February 12); although tion of the birthdays and lives of all U.S. presidents. The WPMAEXPO has been held onLincolns birthday was celebrated in many states, it was never an official federal holiday. Presidents week for almost seven decades. Following much discussion, Congress rejected the name change. After the bill went into effect in 1971, however, Presidents Day became the commonly accepted name, due in The origin of Presidents Day lies in the 1880s, when the birthday of Washington part to retailers use of that name to promote sales and the holidays proximity to Lin- commander of the Continental Army during the American Revolution and the firstcolns birthday. Presidents Day is usually marked by public ceremonies in Washington, President of the United Stateswas first celebrated as a federal holiday. In 1968D.C., and throughout the country.Congress passed the Uniform Monday Holiday Bill, which moved a number of federalExcerpt from the Editors of Encyclopaedia Britannica S54 www.wpma.com /Spring 2021"