Category Archives: Electronic filing excise taxes

Form First Quarter Excise Tax720 Is Due By April 30th

So filers, a very warm welcome to our blog. Today, at our blog, we are here to remind excise tax filers to file and report form 720 online or paper file if you are into business and deal with sales of goods and services of the product mentioned under the form.

Quarterly Excise Tax Return is filed on form 720 and the first quarter is due by April 30th 2015. The tax includes the goods sold to a customer like gasoline for your car or flight charges and paid by the dealer or the business who deals with the products and services. Continue reading Form First Quarter Excise Tax720 Is Due By April 30th

How To Obtain An Employer Identification Number Safely? Part I

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

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