Tag Archives: excise tax

Decoding Form 720 Federal Quarterly excise tax return

The IRS Tax Form 720 is used to report and pay the Federal Excise tax returns with the IRS. Taxes are filed year on year, quarter to quarter; yes, another year, another tax return. We inch closer to the 2nd quarter filing deadline, July 31 is the last date to get it reported with the IRS.

IRS Tax Form 720 – Federal Excise Tax Reporting

Many of the business taxpayers who deal with specific goods or services that are manufactured in or imported into the U.S. incur Excise Taxes which is often included in the price of the product, like gasoline or alcohol, so you might not even realize you’re paying them.  Let us redefine some of the general question exactly what is Form 720? What is an excise tax? Well before starting with Form 720, let us know that IRS Form 720 consists of three parts, as well as Schedule A, Schedule T, and Schedule C sections and a payment voucher (called Form 720-V). If your business is responsible for completing Form 720, you must do so quarterly and can file electronically or by mail. Payments for excise taxes, however, are required on a semimonthly basis and should be made by electronic funds transfer.

Continue reading Decoding Form 720 Federal Quarterly excise tax return

Happy Veterans day!

Our veterans accepted the responsibility to defend America and uphold our values when duty called, so true without their services & Sacrifices we would have not been enjoying the freedom that we have today. On this Veterans Day, let us remember the service of our veterans, and let us renew our national promise to fulfill our sacred obligations to our veterans and their families who have sacrificed so much so that we can live free.

Happy Veterans day

Courage is contagious. When a brave man takes a stand, the spines of others are often stiffened. The uniformed men and women started it and now Truckers continue it, all their hard work is for our well being.

Happy Veterans Day – We Salute Then with  Pride. 

Federal Excise Tax Form 720 for the Second Quarter of 2018 is DUE NOW!

Federal Excise Tax Return online

Memory is the treasury and guardian of all things – Marcus Tullius Cicero

There are several things that we do for which we rely on our memory. Though we remember almost everything that we do on a daily basis, there are quite a few things that we do only once in a month sometimes once in three months which tends to slip out of our memory. By now if you still have not figured out what we are mentioning then you have a poor memory.

Form 720:

Form 720 is a quarterly Tax, one must file it four times a year, Right now it’s time to E-file your Federal Excise tax Form 720 for the Second quarter of 2018, which is due by the end of this month. Form 720 PCORI Excise Tax Filers please note that you file PCORI Taxes only once a year and that is with the Second Quarter Form 720. Continue reading Federal Excise Tax Form 720 for the Second Quarter of 2018 is DUE NOW!

Monday April 30th: Due Date to File Three Taxes!

Time and Tide waits for none! Very old saying but suits every situation especially when it comes to Taxes. April is not only the Month to file and Pay your Personal Income taxes but has few other deadlines as well. Continue reading Monday April 30th: Due Date to File Three Taxes!

Quarterly Federal Excise Tax Returns for 1st Quarter is Due this April 30

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.

Form 720 Due for 1st Quarter Filing Continue reading Quarterly Federal Excise Tax Returns for 1st Quarter is Due this April 30