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An overview of excise tax by the Internal Revenue Service

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of

  • Import
  • Sale by the manufacturer
  • Sale by the retailer
  • Use by the manufacturer or consumer
Excise Tax eFile
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Form 720 is due TODAY for second quarter of 2020 and PCORI Fee for 2019 Self-Insured Health Plans

TaxExcise.com the only E-file service provider that helps to report all the federal excise tax forms and all schedules of Form 8849 refund claims would like to remind taxpayers that the excise tax form 720 for the second quarter of 2020 ending in June 30th and PCORI Fee, is DUE TODAY.

PCORI FEE:

Patient-Centered Outcomes Research Institute (PCORI) fees are also due TODAY. 2019 PCORI must be reported on the second quarter of 2020. While filing your return using www.TaxExcise.com, please select the year Jan – Dec 2020 and quarter ending in June 2020, and have your 2019 PCORI filed. The PCORI annual filing and fees was originally set to expire in 2019, but they were reinstated for an additional 10 years, through 2029.

Form 720 and Form 2290 tax requirements for small businesses:

Continue reading Form 720 is due TODAY for second quarter of 2020 and PCORI Fee for 2019 Self-Insured Health Plans

Just couple of days left for 2nd Quarter Form 720 Deadline

The Quarterly Federal Excise Tax Form 720 deadlines for the 2nd Quarter of 2020 is July 31, 2020 and just couple of more days to go. All the businesses that has collected excise taxes through the services offered or goods sold has to be reported and paid in Form 720 by July 31. Electronic filing can keep your tax deadline straight and on-time. You can do it by yourself in 3 simple steps at http://TaxExcise.com.

Continue reading Just couple of days left for 2nd Quarter Form 720 Deadline

Form 720 for Second Quarter of 2020 is Due now

Time for Excise Taxpayers to go in full swing and complete the Quarterly Federal Excise Tax returns for the 2nd Quarter of 2020. Excise taxes collect along with the goods or services offer has to be consolidated and reported to the IRS in the tax form 720. PCORI fee is also due and has to be reported along with the 2nd Quarter of Form 720.

Form 720 – Electronic Filing – July 31 Due Date

TaxExcise.com electronic filing enables you to meet excise tax compliance effortlessly with its features, error free filing is very much possible. with eFiling. For small businesses electronic filing is much handy then working with a tax accountant. Excise taxes can be prepared and reported by yourself in 3 simple steps. Just complete the information that is probed and you’re done in few minutes. Get tax calculated right, as we update the tax rates regularly when there is a new update from the IRS.

Excise Tax eFile

Electronic filing saves time and get it done with the help of our tax experts waiting to answer and help you through the efiling process. It won’t take much time for you to have your Federal Excise Tax returns processed by the IRS and to receive the acknowledgement in mail. The earlier you efile you get more time to work with your return if it requires an amendment or resubmission in case of rejections.

PCORI Fee in Form 720 – July 31 Due Date

New research trust fund fees are due July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment can also be paid through the Electronic Federal Tax Payment System (EFTPS) if you already have an account established.

The PCORI fee initially applied to specified health insurance policies and applicable self-insured health plans with policy or plan years ending after September 30, 2012, and before October 1, 2019; however, in December 2019 the fee was extended for an additional 10 years under the Further Consolidated Appropriations Act, 2020 (H.R. 1865) and now applies through plan years ending before October 1, 2029.

The IRS provides self-insured employers with transition relief for calculating the average number of plan enrollees, which the IRS refers to as covered lives—employees, spouses and dependents covered by the health plan. Payment due on any given July 31 covers the plan year that ended in the preceding calendar year, so the fee payable by July 31, 2020, is for plan years ending in 2019.

Electronic filing with TaxExcise.com

The due date is around the corner and you have limited time to do a paper return. Electronic filing can be strategically the best way to report and pay the Federal Excise Taxes with the IRS. Taxpayers should file on time, even if they can’t pay the full amount due. Then, they should pay the rest as soon as they can. Remember, the sooner paid, the less owed. The Internal Revenue Service reminds taxpayers about the importance of timely filing and paying their taxes, and that there are several options available to help people having trouble paying.

TaxExcise.com is an IRS authorized eFile service provider and help you to complete this Excise Tax returns electronically. The only website to efile the tax form 720, no need to have any software or tools to download, just plug into an internet connect and start efiling with TaxExcise. Talk to us today at (866) 245 – 3918 or write to us at support@taxexcise.com.

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Aviation Excise Tax Holiday under the CARES Act – Form 720 Federal Excise Taxes

What is the aviation excise tax holiday?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides an excise tax holiday that suspends certain aviation excise taxes. The excise tax holiday began on March 28, 2020 and will end on December 31, 2020.

During the excise tax holiday, no tax is imposed on kerosene used in commercial aviation, and normally taxed pursuant to I.R.C. §§ 4041(c) or 4081. The CARES Act applies only to kerosene used in commercial aviation during the excise tax holiday, rather than the sale or removal of kerosene during the excise tax holiday.

The excise tax holiday also applies to the taxes normally imposed on amounts paid for the transportation of persons and property by air under I.R.C. §§ 4261 and 4271.

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