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FOR IMMEDIATE RELEASE Liquifile Services Approved for ExSTARS by the IRSLiquifile Services is now an official Transmitter and Software Developer for the Federal ExSTARS Tax Reporting SystemJanuary 21, 2003 -- In a long awaited and highly anticipated move, the Internal Revenue Service has officially approved Liquifile Services as a Transmitter and Software Developer for the Federal ExSTARS system (see Approved Excise Transmitters and Software Developers). "This action paves the way for Liquifile to begin the immense task of enabling Petroleum Terminals for ExSTARS" said James Kelly, partner in the Liquifile venture. "There are hundreds of terminals yet to meet federally mandated compliance for the ExSTARS project," Kelly continued, "Our services will provide these terminals with a timely and economical option for submitting their excise tax reports to the IRS." ExSTARS, the Excise Summary Terminal Activity Reporting System, is the process implemented by the IRS to gather and analyze taxable fuel information to be used for determining if proper Excise Tax liabilities are being reported to federal and state governments. Section 4101(d) of the Internal Revenue Code authorizes the Secretary of The Treasury to require information reporting by any person (or entity) registered under this section. This includes pipeline operators, vessel operators and terminal operators. Registrants must file as a condition of maintaining their registration.
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