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.
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.
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
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.
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.Continue reading Federal Excise Tax REPORTING for 2nd Quarter of 2019
The Strongest fact about time is that “IT CHANGES”, it does not stay put for anyone. I will hit the gym tomorrow said all those obese people out there and never did. Procrastinating important things in life is very easy but, consequences faced due to the pinch of laziness we add to our schedule has devastating setbacks attached to it. Statistics says that people postpone things that are less frequently done.
One such thing that does not show up on calendars very often is the Filing of Federal Excise Tax Form 720. Though it knocks our door only Four times a year, missing to E-file it on time has huge penalties & added interests which could even be more than the taxes owed. Gone are those days when the IRS Mails us the Form 720 and we complete it and mail it back to them. Even taxes have become advanced & have joined hands with technology to go paperless. Continue reading ONLY Ten Working Days Left to E-file your 3rd Quarter Form 720