Tag Archives: Federal Excise Tax Electronic Filing

Form 720 for Second Quarter of 2020 is Due now

Time for Excise Taxpayers to go in full swing and complete the Quarterly Federal Excise Tax returns for the 2nd Quarter of 2020. Excise taxes collect along with the goods or services offer has to be consolidated and reported to the IRS in the tax form 720. PCORI fee is also due and has to be reported along with the 2nd Quarter of Form 720.

Form 720 – Electronic Filing – July 31 Due Date

TaxExcise.com electronic filing enables you to meet excise tax compliance effortlessly with its features, error free filing is very much possible. with eFiling. For small businesses electronic filing is much handy then working with a tax accountant. Excise taxes can be prepared and reported by yourself in 3 simple steps. Just complete the information that is probed and you’re done in few minutes. Get tax calculated right, as we update the tax rates regularly when there is a new update from the IRS.

Excise Tax eFile

Electronic filing saves time and get it done with the help of our tax experts waiting to answer and help you through the efiling process. It won’t take much time for you to have your Federal Excise Tax returns processed by the IRS and to receive the acknowledgement in mail. The earlier you efile you get more time to work with your return if it requires an amendment or resubmission in case of rejections.

PCORI Fee in Form 720 – July 31 Due Date

New research trust fund fees are due July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment can also be paid through the Electronic Federal Tax Payment System (EFTPS) if you already have an account established.

The PCORI fee initially applied to specified health insurance policies and applicable self-insured health plans with policy or plan years ending after September 30, 2012, and before October 1, 2019; however, in December 2019 the fee was extended for an additional 10 years under the Further Consolidated Appropriations Act, 2020 (H.R. 1865) and now applies through plan years ending before October 1, 2029.

The IRS provides self-insured employers with transition relief for calculating the average number of plan enrollees, which the IRS refers to as covered lives—employees, spouses and dependents covered by the health plan. Payment due on any given July 31 covers the plan year that ended in the preceding calendar year, so the fee payable by July 31, 2020, is for plan years ending in 2019.

Electronic filing with TaxExcise.com

The due date is around the corner and you have limited time to do a paper return. Electronic filing can be strategically the best way to report and pay the Federal Excise Taxes with the IRS. Taxpayers should file on time, even if they can’t pay the full amount due. Then, they should pay the rest as soon as they can. Remember, the sooner paid, the less owed. The Internal Revenue Service reminds taxpayers about the importance of timely filing and paying their taxes, and that there are several options available to help people having trouble paying.

TaxExcise.com is an IRS authorized eFile service provider and help you to complete this Excise Tax returns electronically. The only website to efile the tax form 720, no need to have any software or tools to download, just plug into an internet connect and start efiling with TaxExcise. Talk to us today at (866) 245 – 3918 or write to us at support@taxexcise.com.

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Aviation Excise Tax Holiday under the CARES Act – Form 720 Federal Excise Taxes

What is the aviation excise tax holiday?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides an excise tax holiday that suspends certain aviation excise taxes. The excise tax holiday began on March 28, 2020 and will end on December 31, 2020.

During the excise tax holiday, no tax is imposed on kerosene used in commercial aviation, and normally taxed pursuant to I.R.C. §§ 4041(c) or 4081. The CARES Act applies only to kerosene used in commercial aviation during the excise tax holiday, rather than the sale or removal of kerosene during the excise tax holiday.

The excise tax holiday also applies to the taxes normally imposed on amounts paid for the transportation of persons and property by air under I.R.C. §§ 4261 and 4271.

Continue reading Aviation Excise Tax Holiday under the CARES Act – Form 720 Federal Excise Taxes

Don’t miss the April 30 tax deadline, e-file Form 720 tax returns due for Q1, 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 support@taxexcise.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 6:00 PM Central Time. Thank you for your support.

MANY BUSINESSES STARTED REPORTING QUARTERLY FEDERAL eXCISE tAX rETURNS FOR 2020 AT TAXEXCISE

During this unprecedented times of this coronavirus pandemic, businesses are finding it hard to keep up with the operations. We’re working tirelessly to help our users to electronically report and pay the 1st Quarter Federal Excise Tax returns, this April 30 is the Due Date. The IRS call centers and return processing centers are closed in response to COVID-19, stopped processing paper returns for now, additionally, several Governors have issued stay-at-home orders. IRS encourages electronic filing, they are only processing returns that are reported electronically. TaxExcise.com is the best place for you to prepare and report the 1st Quarter Federal Excise Tax returns.

The 1st Quarter Federal Excise Taxes are due for businesses that is charging and receiving excise taxes between January 1, to March 31. This April 30 is the due date for reporting and paying it online.

We wanted to express our sincere gratitude to the numerous trucking company employees, dealers, drivers and service techs across our industry who continue to step up, despite personal and economic hardships. Stay Safe and stay strong.

Tax Form 720 online

Though the IRS Offices are not operational, their E-file services are online and tax returns are currently being processed within minutes. Use TaxExcise.com to eFile your Quarterly Federal Excise Tax returns. We at ThinkTrade Inc. have developed a contingency and business continuity plan during an outbreak of COVID-19 to ensure all our resources are at your assistance for your federal tax e-filing needs. If you have any questions, please feel free to call our Help Desk at 1-866-245-3918 or email us at support@taxexcise.com or use the live chat support available on the website. We’re available on all Business days between 9:00 AM to 6:00 PM Central Time.

Get your Form 720 tax reported quickly through our e-filing during the COVID-19 pandemic. Due April 30 for Q1, 2020.

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 report?

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 Tax Liability).

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 of March.

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 support@taxexcise.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.

Stay Safe, Stay Strong, we are in this together.