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Federal Excise Tax REPORTING for 2nd Quarter of 2019

The federal excise tax returns are reported and paid at end of every quarter, the 2nd quarter returns are now due by July 31. IRS Form 720 is the form for reporting federal excise taxes, and it is only filed by those taxpayers – usually businesses – responsible for collecting the excise taxes. Form 720 can be prepared and report online at TaxExcise.com, an IRS Authorized eFile provider for all Federal Excise Tax Forms, in fact the only provider to support all Excise Tax Forms at one place.

Federal Excise Tax – IRS Tax Form 720

Federal excise tax revenues—collected mostly from sales of motor fuel, airline tickets, tobacco, alcohol, and health-related goods and services—totaled $83.8 billion in 2017, or 2.5 percent of federal tax receipts. Excise taxes are narrowly based taxes on consumption, levied on specific goods, services, and activities. They can be either a per unit tax (such as the per gallon tax on gasoline) or a percentage of price (such as the airline ticket tax). Generally, excise taxes are collected from producers or wholesalers, and are embedded in the price paid by final consumers.

Quarterly Federal Excise Tax Reporting
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Indoor Tanning Service and Quarterly Excise Tax Reporting

The Indoor Tanning service providers are charged with 10% of excise tax for the tanning service they offer. One of the first revenue provisions in the Affordable Care Act to be implemented was the indoor tanning services excise tax, which went into effect on July 1, 2010. The provision applies to almost all businesses that operate ultraviolet tanning lamps, which are required to collect a 10-percent tax on all sales of tanning services.

IRS Tax Form 720 – 2nd Quarter Return is Due now by July 31. eFile it at TaxExcise.com, the only website to eFile Federal Excise Tax Returns wit the IRS.

Indoor Tanning Excise Tax Reporting at TaxExcise.com
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Second Quarter Federal Excise Tax Online Reporting is Due this July 31

The federal quarterly excise tax returns are due now for the 2nd Quarter of 2019. Electronic filing could save your time, effort and money. Yes, getting started with Form 720, Federal Excise Tax reporting is easy and fast at TaxExcise.com.

Federal Excise Tax Reporting

If your business deals in goods and services that are subject to excise tax—like air transportation, indoor tanning service, PCORI, fishing equipment, or gasoline—then you’ll have to complete IRS Form 720. Form 720 must be filed with the IRS on a quarterly basis in order for your business to report and pay your federal excise tax liability.

Although many business owners still prefer to work on paper, you may be able to save yourself both time and hassle by utilizing the IRS’s e-file program. Completing the form electronically will save you money on paper and stamps—plus, you won’t be relying on your mailing system to make sure you meet your deadline. 

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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.

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