Hello taxpayers! We would like to take this opportunity to remind you that the quarterly federal excise tax form 720 for the first quarter of this tax year is due soon. Therefore, we request the federal excise taxpayers report form 720 for the quarter to the IRS before the deadline to avoid penalties, late charges and interests over your tax dues. The last date to report form 720 for the first quarter is May 01, 2023. E-filing form 720 in TaxExcise.com is the most effective way to report your federal excise tax form 720 to the IRS and stay ahead of the deadline.
A small brief about federal excise tax form 720.
The federal government charges excise taxes for some products, services and businesses every quarter of a year. So, the dealers, owners and consumers are entitled to report and pay the taxes for the products or services that come under the quarterly federal excise tax requirement using form 720 to the IRS. Products like gasoline, chemicals, aviation fuels etc. and services like indoor tanning services, air transport, truck body building, PCORI fees etc., come under the federal excise tax form 720. And that’s not it. Federal excise tax form 720 has many products and services and has two parts. So, the taxpayers must identify the part/category/line in which their product or service belongs and report form 720 accordingly. Also, the IRS has brought back a few categories in the federal excise tax form 720, like an extension for alternative fuels and alternative fuel mixture credits in Schedule C line 13, environmental tax – chemicals (other than ODCs) in IRS No. 54 and imported chemical substances in IRS No. 17.
Part I in Federal Excise Tax Form 720.
- Environment Tax – Oil Spills, ODCs.
- Communications Tax – Telephone services, Teletypewriter exchange services, etc.
- Air Transportation Tax – Transportation of persons and properties, domestic and international air travel facilities.
- Fuel Taxes – Uses of diesel, kerosene, gasoline, and LNG.
- Retail Tax – Manufacturing trucks, trailers, semitrailer chassis, bodies, and tractors.
- Ship Passenger Tax – Transport by water taxes.
- Foreign Insurance Tax – Policies issued by foreign insurers.
- Manufacturer Tax – Miners of coal and manufacturers of tires.
Part II in Federal Excise Tax Form 720.
- Patient-Centred Outcomes Research Fee – Taxes on specific health plans and policies (paid only once during the second quarter of a tax year).
- LUST Tax – Taxes on leaking underground storage tanks.
- Indoor Tanning Services Tax – Taxes on the businesses that provide indoor tanning services.
- Other products and services that come under form 720 part – II are Sport fishing equipment, Fishing rods and fishing poles, Electric outboard motors, Fishing tackle boxes, Bows, Quivers, Broadheads, and Points, Arrow shafts, Inland waterways fuel use and Biodiesel sold as but not used as fuel.
E-file form 720 for the first quarter in TaxExcise.com and stay ahead of the deadline.
As the deadline to file form 720 for the first quarter, May 01, 2023, arrives in less than a month, E-filing form 720 in TaxExcise.com is the most effective method to report and pay your quarterly federal excise tax form 720 tax returns to the IRS and get the instant acceptance to stay ahead of the deadline. TaxExcise.com is an IRS-approved modernized form 720 federal excise tax online e-filing service provider. You can easily e-file form 720 and get instant approval from the IRS. As form 720 consists of many parts, categories and IRS lines, it is common to make mistakes while reporting form 720. But you can e-file form 720 excise taxes smoothly and accurately; you can select your respective category from the options, prepare your tax reports, pay your tax dues and transmit them to the IRS directly. For queries and support, don’t hesitate to contact our customer help desk at 1-866-245-3918 (toll-free) or write to us at firstname.lastname@example.org; we will reply to you promptly.