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.
Form 720 – Quarterly Federal Excise Tax – 2nd Quarter – July 31 – Deadline!
Federal Excise Tax Form 720 and attachments are to report to the IRS at end of every quarter listing the liabilities and pay the taxes collected. The federal government charges an excise tax on specific types of products and services, which has to be collected and paid to IRS at regular intervals, quarterly.
E-file is the most preferred option of reporting excise taxes with the IRS. However you can also take a print out of the complete Form 720 PDF and file it manually or mail it across to the IRS as specified in the form.
Your business needs to fill out IRS Form 720 if you deal in the goods or services for which excise taxes are due. These products and services can include, but are not limited to: Telephone communications, Air transportation, Gasoline, Passenger ship transportation, Coal, Fishing equipment, Indoor tanning services, Bows and arrows, Tires, Vaccines etc.
- Environmental taxes—petroleum oil spills, imported petroleum products, ozone-depleting chemicals (if you must pay these environmental taxes, you’ll also have to complete IRS Form 6627)
- Communication and air transportation taxes—phone service or air transportation
- Fuel taxes—diesel, kerosene, gasoline, natural gas
- Retail tax—trucks, trailers, tractors
- Ship passenger tax
- Foreign insurance taxes—health insurance policies issued by foreign insurers
- Manufacturers taxes—coal, tires, “gas guzzler,” vaccines
PCORIFee – Form 720 – July 31 Deadline
The annual filing and fee payment for applicable self-insured health plans and specified health insurance policies used to fund the Patient-Centered Outcomes Research Institute (the PCORI fee) is due again this year, by Friday, July 31, 2020. For an insured plan, the filing obligation still falls on the insurer. However, for an “applicable self-insured health plan,” the filing obligation lies with the plan sponsor.
This PCORI Fee can be prepared and reported electronically using IRS federal excise tax form 720 in the 2nd Quarter return before July 31.
Indoor Tanning Service – Excise Taxes – July 31 Deadline
Indoor tanning service providers are responsible for collecting the tax from the person paying for the service and in some situations, from the person receiving the service. The person receiving the payment for the indoor tanning service must report the indoor tanning services tax on and remit the full amount of tax with a timely filed return.
Using IRS Tax Form 720, the excise taxes collected on the indoor tanning services will be paid through out the year at end of every quarter. For 2nd quarter this taxes has be to reported before July 31, 2020.
Electronic Filing for Federal Excise Taxes
The foremost is IRS could receive your returns and process it faster than any other way of filing. Choosing online filing or electronic filing eliminated all possible human errors that could happen in a tax return. Let see some of the larger benefits of e-filing Form 720 returns.
- Faster Processing – e-filed returns are processed much faster than paper filed returns.
- Convenience – available online 24 hours a day, 7 days a week.
- Ease of use – user friendly, with step-by-step instructions and clear screens indicators to walk you through the filing process. E-file is a cake-walk
- Greater Accuracy in Processing – accurate tax calculation based on the entries you make and will not sent an incomplete return to IRS.
- Pay Right – while you e-file you pay the tax that you owe not extra or less.
- Electronic Payment – convenience of direct withdrawal of tax due and EFTPS option to make payments.
- Less Hassle, No Mails – no mailing of paper returns and waiting for mails for weeks, everything is managed electronically and digitally.
- Security – safer than mailing your tax return and sent right to the IRS server no more data loss.
- Avoid paying extra – when you e-file you can make sure your return reaches them well in the time frame no late penalties or late filing charges.
- No more typos – while you e-file you won’t get typos such us 1 for I or 0 for o etc.
Electronic filing is by and large the best way of reporting Quarterly Federal Excise Tax Form 720 returns with the IRS and get the best available resources. The most trusted and top rated website since 2007.