The federal excise tax returns are reported and paid at end of every quarter, the 2nd quarter returns are now due by July 31. IRS Form 720 is the form for reporting federal excise taxes, and it is only filed by those taxpayers – usually businesses – responsible for collecting the excise taxes. Form 720 can be prepared and report online at TaxExcise.com, an IRS Authorized eFile provider for all Federal Excise Tax Forms, in fact the only provider to support all Excise Tax Forms at one place.
Federal Excise Tax – IRS Tax Form 720
Federal excise tax revenues—collected mostly from sales of motor fuel, airline tickets, tobacco, alcohol, and health-related goods and services—totaled $83.8 billion in 2017, or 2.5 percent of federal tax receipts. Excise taxes are narrowly based taxes on consumption, levied on specific goods, services, and activities. They can be either a per unit tax (such as the per gallon tax on gasoline) or a percentage of price (such as the airline ticket tax). Generally, excise taxes are collected from producers or wholesalers, and are embedded in the price paid by final consumers.
General fund excise taxes are imposed on many goods and services, the most prominent of which are alcohol, tobacco, and health insurance. Other general fund excise taxes include taxes on local telephone service, vehicles with low-mileage ratings (“gas guzzlers”), ozone-depleting chemicals, indoor tanning services, and medical devices.
Although Form 720 is a quarterly return, for PCORI fees, Form 720 must be filed annually only, by July 31 of each year. PCORI filing for 2019 will apply to plans that ended between January and December 2018 and applicable fee will be $2.39 or $2.45 depending on when the plan ends.
Electronic Filing for Form 720
The Internal Revenue Service announced that e-file is off to a fast start in 2008 with more than 38 million tax returns filed electronically. However the number of returns electronically filed increased over the period of time. E-filing continues to be the preferred way to file your tax return. It is the fast, easy, safe and more accurate way to file your tax return.
Efiling or electronic filing is submitting your federal excise tax returns online to the IRS directly from TaxExcise.com website. There are two ways to filing your federal excise tax returns. The traditional way is the offline way, where you manually fill in directly or through a tax preparer you file your returns. The other way is when you e-file through the internet. E-filing has become popular because it is easier, doesn’t require prints of documents, and can be done in less time!
TaxExcise.com – IRS Authorized eFile Provider
TaxExcise.com an IRS Authorized eFile provider since 2007, started with Form 2290, Federal Heavy Vehicle Use Tax Filing, then added Form 8849, the Claim for Refund of Excise Taxes and Form 720, the Federal Excise Tax.
TaxExcise.com has better ways to handle your Federal Excise Tax filing worries, being an expert and the most experience e-file service provider for all Federal Excise Tax Forms since 2007 we have the e-filing advantages and know your expectations. More over we’re the 1st IRS Authorized e-file service provider for all excise tax forms. More to add and they are;
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