Category Archives: Electronic filing excise taxes

Form 720- Quarterly Filed Excise Tax

Filing tax is a responsibility for the citizens of America. From income tax to HVUT form 2290, taxes are filed each month, quarter and yearly. One among the form is tax form 720, which is filed quarterly for the businesses based on the business they are dealing with. The tax is taken under the account and contributing of their business with the nation.

IRS form 720- Definition:

“Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. They are often included in the price of the product. These taxes are valid on activities, such as on wagering or on highway usage by trucks.” Do note, if you accrue taxes in the course of your business, you should also learn the rules of filing 720 Form

Who Is Required To File form 720?

If you own a business, you’re liable to file for the federal excise taxes listed by IRS under the form 720. The form is divided into two important part, I & II. You need to file any of the part depending upon the business you are into.

In the part-I, Ozone-depleting chemical tax; communications and air transportation taxes; fuel taxes for diesel, kerosene, gasoline, and other gases; coal and tire manufacturing taxes are included, whereas, sales of sport fishing and archery, inland waterways fuel use taxes and bio-fuel sold, but not used as fuel falls under the category of Part-II.

Authentication of Information:

While filing form 720, you don’t have to attach the receipts with the form, however, you are requested to maintain them safe and filed for authentic verification during IRS audit. You should maintain at least 4 years of record from the date of filing tax, which includes exemptions you might need to claim through form 720.

When you need to file This Federal Excise Tax Form 720:

As Form 720 is filed on quarterly basis, you need to file four times a year as per the following schedule:

Quarter covered Due by
Jan., Feb., Mar. April 30
Apr., May, June July 31
July, Aug., Sept. October 31
Oct., Nov., Dec. January 31

 

If there is any quarter, you have no operations taking place, you still have to file the form and indicate zero as per the appropriate line(s) of the form. Also, if you’re closing your business or your activity would permanently change or close down and you don’t have to file tax anymore, you need to let IRS know about it by filing form 720 checking on “Final Return” box at the top of the form.

Penalties:

If you miss filing form 720 by the due date, you are liable to pay tax with a touch of penalties. the late you pay, the heavier penalties would grow. So it is advisable to efile form 720  with TaxExcise.com. With the help of our well-trained Tax Experts, you can easily file your tax return and receive your acknowledged receipt in minutes.

Why Do You Have Choose Efiling Over Paper Filing?

Being a part of a fast-paced world, it is obvious that you might miss remembering the due dates. Here is the time, when efiling comes in for your rescue. With efiling as the method of filing, you can file on or before the due date and receive a confirmation email text or fax depending upon how you need to be informed within minutes.

However, these features are not so flexible with paper filing and thus, e filing would be the best option.

Although filing form 720 through the traditional method is almost mandatory those days, you can now easily switch to e filing and receive your acknowledgement receipt within minutes instantly, eliminating the errors. Taxexcise.com is one such service provider, which allows you to efile on the go, without any hindrance to face. You can also reach our customer support if you are finding any difficulty while efiling. Reach our Tax Experts at 1-866-245-3918 or email us your queries to support@taxexcise.com. You can expect instant answers from our end.

History about Federal Excise Taxes- Known And Unknown

Taxes are the major way for the government to make money. Federal excise taxes are imposed on the purchase and sale of goods such gasoline including truck owners and operators handling the trucking business.  If you own a business in the U.S and responsible to file any of the federal excise taxes listed on the Part I or II in IRS form 720, then you must file every quarter and before the time expires. Filing excise tax in the US has an interesting history and reading this blog will provide you an insight into the trend for filing excise tax in the U.S have an interesting history and reading this blog will provide brief insight into the evolution of the Federal excise tax. Continue reading History about Federal Excise Taxes- Known And Unknown

Explaining Part II in IRS Excise Tax Form 720

Filing excise tax return is no child’s play and involves several processes starting from understanding to filing the taxes. Excise tax form 720 engages several categories i.e. Part I, Part II, and Schedule A, T, and C. Speaking about the Part II available in IRS form 720, it involves several aspects such as ‘patient centered outcomes research fee’, ‘health insurance policies’, and ‘fishing equipment’. Reading this blog can help in a better understanding of the tax returns involved in the U.S federal excise tax return. Continue reading Explaining Part II in IRS Excise Tax Form 720

IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to Feb. 1, 2013

In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses.

Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be added in coming days based on additional damage assessments by FEMA.The tax relief postpones various tax filing and payment deadlines that occurred starting in late October.  As a result, affected individuals and businesses will have until Feb. 1, 2013 to file these returns and pay any taxes due. This includes the fourth quarter individual estimated tax payment, normally due Jan. 15, 2013. It also includes payroll and excise tax returns and accompanying payments for the third and fourth quarters, normally due on Oct. 31, 2012 and Jan. 31, 2013 respectively. It also applies to tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.

The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The IRS automatically provides this relief to any taxpayer located in the disaster area. Taxpayers need not contact the IRS to get this relief. Beyond the relief provided by law to taxpayers in the FEMA-designated counties, the IRS will work with any taxpayer who resides outside the disaster area but whose books, records or tax professional are located in the areas affected by Hurricane Sandy. All workers assisting the relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are eligible for relief.  Taxpayers who live outside of the impacted area and think they may qualify for this relief need to contact the IRS at 866-562-5227.

In addition, the IRS is waiving failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after the disaster area start date and before Nov. 26, if the deposits are made by Nov. 26, 2012. Details on available relief can be found on the disaster relief page on IRS.gov.

The tax relief is part of a coordinated federal response to the damage caused by the hurricane and is based on local damage assessments by FEMA. For information on disaster recovery, individuals should visit disasterassistance.gov.

The IRS also assures taxpayers, businesses and tax preparers that IRS is working aggressively to monitor the situation and provide additional relief as needed.

So far, IRS filing and payment relief applies to the following localities:

In Connecticut (starting Oct. 27): Fairfield, Middlesex, New Haven, and New London Counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County;

In New Jersey (starting Oct. 26): Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset and Union;

In New York (starting Oct. 27): Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk and Westchester.

TaxExcise.com helps taxpayers, businesses and tax preparers file their Excise Tax Returns with the IRS electronically and have an acknowledgment received online within minutes. Tax Excise extends its support providing mobile application m.Tax2290.com to e-file Forms.

Avoid Travelling as much as possible at least when not needed, make use of E-file through TaxExcise.com and Stay SAFE and COVERED!!

Reach us @ 1-866-245-3918 or write to us at support@taxexcise.com, for any required assistance.

Form 2290 Amendment

File 2290 Amendment online

When an IRS form 2290 is filled with incorrect information, IRS wants you to file a form 2290 amendment to correct the information. There are three types of amendments available for form 2290.

1. Increase in Taxable Gross Weight
2. Suspended vehicles exceeding mileage
3. VIN Correction

Increase in Taxable Gross Weight
This type of amendment is filed if the taxable gross weight of a vehicle increases during the tax year and the vehicle falls in a new higher category. For instance, you report a vehicle with taxable gross weight of 62,000 pounds and during the Tax year it increases to 80,000 pounds then you owe more taxes to the IRS and have to file a form 2290 Amendment. This should be filed by the last day of the month following the month in which the taxable gross weight increased.      With Tax2290.com, we make it easy to file this increase in taxable gross weight and accurately calculate the difference in tax due to IRS.  You will also get your stamped Schedule 1 for the new weight category in minutes.

Suspended vehicles exceeding the mileage use limit

This type of amendment is filed if a suspended vehicle exceeds the mileage use limit. Mileage use limit for a heavy vehicle to be considered tax exempt is 5,000 miles or less (7,500 miles or less for agricultural vehicles). The mileage use limit applies to the total mileage a vehicle is on the road during a period, regardless of the number of owners.
If the heavy vehicle filed as exempt exceeds this mileage limit, form 2290 Amendment needs to be filed and tax has to be paid. This amended Form2290 has to be filed by the last day of the month following the month in which the mileage use limit was exceeded.
With Tax2290.com, we make it easy to file this amendment and accurately calculate the tax due to IRS.  You will also get your Schedule 1 for the weight category in minutes.

VIN Correction

VIN Correction is filed if you have made a mistake in any of the VIN in the previously filed Form 2290.VIN Correctionscan be only done for Taxable or suspended vehicles and not for vehicles on which you claim credits or for prior year suspended vehicles.
With Tax2290.com we make it easy to file this amendment, you will also get your stamped Schedule 1 with correct VIN in minutes.

Taxexcise.com is committed to provide the Best in Quality and Service for all our users, www.Tax2290.com/www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290.Tax2290 is a product of ThinkTrade Inc and a part of TaxExcise.com. We are a BBB accredited company with A+ certification.
For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at support@taxexcise.com