Tag Archives: IRS Form 720

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.

Today July 31 and the due date for 2nd Quarter Federal Excise Tax Filing

The D-Day to report and pay the 2nd Quarter Federal Excise Tax returns in IRS Tax Form 720. The last few hours to get it done with the IRS. Electronic filing is the best way to get it prepared and reported with the IRS. We can assure you that the returns will be processed by the IRS faster than any other mode of filing. Paper filing takes minimum of 3 weeks to get it processed by the IRS, where else the electronic filing for the efiling takes just 20 minutes for an update. At the worst case when IRS servers are busy processing thousands of returns you will get an update on the same day of filing.

July 31 Due Date for 2nd Quarter Federal Excise Tax Returns.

Continue reading Today July 31 and the due date for 2nd Quarter Federal Excise Tax Filing

Less than 48 hours to report 2nd quarter Federal Excise Tax

IRS Form 720, or the Quarterly Federal Excise Tax Return, is an IRS tax form that businesses must complete on a quarterly basis in order to report and pay federal excise taxes. An excise tax is a tax that the federal government imposes on specific goods or services that are manufactured in or imported into the U.S. Excise taxes are often included in the price of the product, like gasoline or alcohol, so you might not even realize you’re paying them. However, if your business sells a good or service that is subject to excise tax, then you are responsible for reporting and paying for those taxes—IRS Form 720, therefore, allows you to do just that.

Tax Form 720 online

2nd Quarter Excise Tax

The filing deadline for IRS Tax Form 720 is quarterly, needs to be completed and reported by the last day of the first month that follows the end of the prior quarter. July 31 is the last date to report and file the Federal Excise Taxes for 2nd Quarter of 2019.

Continue reading Less than 48 hours to report 2nd quarter Federal Excise Tax

Electronic Filing for Federal Excise Taxes is the best way to do it at the last minute.

It’s a good idea to go ahead and file your federal excise tax returns online, that is electronically. We make it easy for the one time filers or returning taxpayer to securely access the website and prepare the tax returns. Review the return and file it online with the IRS for processing it. You’re at the last few days of tax reporting for 2nd quarter, you have no other choice other than efiling it. TaxExcise.com is the only website offering electronic filing for all the Federal Excise Tax Forms;

  • Form 720 : Quarterly Federal Excise Tax
  • form 8849: Claim for Refund of Excise Taxes
  • Form 2290: Federal Heavy Highway Vehicle Use Tax

Electronic Filing is the best

The foremost is IRS could receive your returns and process it faster than any other way of filing. Choosing online filing or electronic filing eliminated all possible human errors that could happen in a tax return. Let see some of the larger benefits of e-filing Form 720 returns.

Continue reading Electronic Filing for Federal Excise Taxes is the best way to do it at the last minute.

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
Continue reading Federal Excise Tax REPORTING for 2nd Quarter of 2019