The transportation industry is swarming with long and confusing acronyms. IFTA, HVUT, IRP, UCR, MC, FMCSA, NY HUT, KYU, and the list is never ending. And among those abbreviations, one of these pesky three-letter acronyms is E.I.N. You’ve probably heard it bandied about before, but do you have any idea what it is? Continue reading How To Obtain An Employer Identification Number Safely? Part I
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.
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 email@example.com. You can expect instant answers from our end.
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
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
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 firstname.lastname@example.org, for any required assistance.