Tag Archives: Excise Tax eFiling

NEW YEAR NEW RESPONSIBILY – Federal Excise Tax Falls Due For 4th Quarter of 2020

Happy New Year from ThinkTrade Inc, that owns and operates TaxExcise.com! For businesses across America, 2020 was one of the most challenging years in history. Hope 2021 would be an year of new hope and opportunities that can help you start, grow, expand, or recover your business. 

Despite the coronavirus pandemic, business owners have been resilient, pivoting, and adapting their business models to navigate continually changing conditions. With the new year on the horizon, there are potential new opportunities to take advantage of and ways to adapt to the challenges. ThinkTrade Inc. is working through the tax software’s to help you cross the tax barriers to an extend. Let us collaborate and work towards a better 2021 for everyone of us.

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Second quarter sporting goods excise tax filing deadline extended

The IRS released a notice (Notice 2020-48) automatically extending the due date for excise tax returns reporting federal sporting goods excise taxes until Oct. 31, 2020 for returns that are generally due July 31. Further, the period from Aug. 1 through Oct. 31 will be disregarded for purposes of calculating any penalties or interest for the second quarter returns that are not paid by Oct. 31. The penalties and fees will begin to accrue on Nov. 1, 2020 if the taxes are not paid or the returns are not filed.

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