Overcoming the Pandemic, one of the most essential business goals is to stay compliant with the IRS by not missing out on the deadlines. Being the 1st month of the year, and it is the end of the month resulting in 3 Tax Deadlines.
* 4th Quarter Form 720
Form 720, Quarterly Federal Excise Tax filing has to be reported before the end of the month following the calendar quarter. Form 720 is filed every quarter to report taxes imposed on the manufacture, sales, or usage of a certain type of goods & products, as the 4th quarter deadline falls on 31st January 2021. If missed or filed late will result in paying penalties.
We have an important message about your Form 720 tax returns, today is the deadline to file Form 720 excise tax return for the third calendar quarter of 2020 (July, August, and September). However it is only applicable for businesses that deals in goods and services subject to excise tax. If you were responsible for collecting excise taxes during this quarter and haven’t filed your tax return yet, you must prepare and file it by today, November 2nd, 2020.
TaxExcise.com the only E-file service provider that helps to report a wide assortment of Excise Tax forms would like to keep you reminded about the upcoming April 30th Deadline on Form 720 for the 1st Quarter of 2020. Form 720 is filed every quarter to report taxes imposed on a business for the manufacture, sale or use of a certain type of goods and products, these businesses are required to pay extra taxes, known as “Excise Taxes” and this has to be reported by the last day of the month following the calendar quarter.
Due to the ongoing Covid-19 pandemic, most businesses will not have any excise tax to report for the first quarter, however, in order to abide and stay compliant with the IRS, these businesses should still file and report a Form 720 by selecting the option for a Zero Tax Liability.
Need Help Filing Online?
With the IRS closed due to the persisting lockdown most filers will find it difficult to file a paper return on time. The IRS offices might not be at your reach, but they’re fully operational to support E-filing and all the returns filed through our website are currently being processed by the IRS within minutes.
To ensure we are able to provide you with the
best customer service, our tax experts are at your disposal for any Federal
tax-related questions. Feel reach us on our toll-free number @ 866-245-3918 or
drop us an email to firstname.lastname@example.org do also try out
our LIVE CHAT option available on the website. We’re available on all Business
days between 9:00 AM to 6:00 PM Central Time. Thank you for
We at TaxExcise at this time of a global crisis do understand your needs,
and wouldn’t want you to miss out on the upcoming deadlines. The clock is
ticking, as businesses are closed your work is piling up, that strict timeline
is looming over your head and it’s seemingly more and more unlikely that you
will meet the deadline. Even though the deadline for a considerable number of
forms and payments have been postponed, there are still a handful of tax forms
that have not been extended by the IRS and Form 2290, Form 720 and IFTA are
namely a few.
Form720 is filed every quarter to report taxes imposed on the manufacture, sale or
use of certain type of goods and products, the deadline to have this reported
for the 1st quarter of 2020 is April 30.
Due to the current situation with the lockdown still in effect, the most
common question we had come across is “Do we still need to file form 720 if we do not have any excise tax to
The answer is “Yes”, though you
have not made any sale that includes Excise tax you will still need to file
form 720 by reporting a Zero Return (Zero
Form2290 needs no introduction, as most truckers are
already aware that this form needs to be completed when a vehicle is first used
or placed into service during a tax year. The April 30th deadline is
for trucks that started operations and were first used anytime during the month
Preparing your IFTA tax report
is fast, easy and more convenient when done online. Prepare your report for the
First Quarter of 2020 before the April 30th deadline.
This April deadline happens to be the one that always stands out as it
revolves around 3 tax forms that serve a different purpose. You can always
depend on our E-file services that is currently open and processing returns
online. Though the IRS offices are not operational, their E-file services are
online and tax returns are currently being processed with a turn-around time of
a few minutes.
Due to the COVID-19 Outbreak we at www.TaxExcise.com have initiated a contingency and business continuity plan to ensure that all our resources are at your assistance. If you have any questions or need any help in completing federal tax returns feel free to call our Help Desk @ 866-245-3918 or email us at email@example.com do also try out our Live Chat option available on the website. We’re available on all Business days between 9:00 am to 6:00pm Central Time.
Federal Excise Taxes are taxes paid when purchases are made on a specific good, such as gasoline. This excise taxes are often included in the price of the product and collected from the buyer and paid at end of every quarter with the IRS. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel, offering services like indoor tanning services, PCORI etc.
1st Quarter Federal Excise Tax Due on April 30
The first quarter federal excise taxes that a business has collected will consolidate it in the IRS Tax Form 720, and report it with the IRS by end of a quarter and pay, it is due this April 30.