The tax season of 2021 is in full swing, the deadline for filing a personal income tax return was extended to May 17, 2021. This also extends the deadline for any money owed without incurring a late fee or interest penalties. However IRS has now moved or pushed away the 1st Quarter Federal Excise Tax reporting dates and this falls due this week. April 30, 2021 is the deadline and choose eFiling at TaxExcise.com, the priority efiling at an affordable rate.
Digital transformation is already happening, the pandemic forced most companies to shift toward digital platform to report and pay the federal taxes. The move is happening and everyone are excited about the transition. Automatic tax calculation, error free filing, instant approval and cost effective were the take away. Technology has also increased the security of access, handling of data and connectivity over internet has improved the usability. TaxExcise.com is the most secured and affordable electronic filing option available for the Federal Excise Tax filings.
April 30 Due Date – Excise Tax Filing
Form 720 is a tax form required of businesses that deal with the sale of certain goods (like alcohol or gasoline) and services (for instance, tanning salons). These businesses are required to pay extra taxes as Excise Taxes and they are accounted for through this form. As this is a quarterly reported and paid taxes, the 1st Quarter Federal Excise Taxes are due by April 30, 2021.
Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.
It appears that the penalties for late filing, late payment or non filing of this return are the same as for late filing, late payment or non filing of income tax returns and the penalties are based on the amount of taxes that are due with the return.
Electronic Filing for Form 720 at TaxExcise.com
If you owe excise tax when you file your Form 720, the IRS requires you to make payment using electronic funds transfer. To avoid penalties, you must insure that your payment reaches the IRS by the deadline. This requires you to initiate the transfer by 8 p.m. (EST) one day before the due date. The IRS requires you to make these deposits more frequently than it requires you to file a Form 720.
Generally, most excise taxes must be paid on a semi-monthly basis. However, if the amount of excise tax is below certain levels, the IRS allows you to delay payment until you accumulate a sufficient excise tax liability. Electronic filing is an effective way of reporting these taxes with the IRS, instant acceptance of the tax returns, automatic math and easy record keeping.
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The Federal Vehicle Use Tax Form 2290 on heavy vehicles that is put to use in March 2021 since the start of this tax period July 2020 through July 2021 called the pro rated taxes or partial period taxes falls due this April 30, 2021. Electronic filing is the best way to report and pay to the IRS from their comfort zone. Get started today and it is as easy as 1-2-3!!!
