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Avoid Penalties; Form 720 and IFTA taxes are due for the Second Quarter.

Hello, federal excise taxpayers! If you want to report your Form 720 federal excise taxes for the second quarter of this tax year, you must do it before the deadline, July 31, 2023, which arrives in a few days. Also, the same day marks the deadline for filing your IFTA tax reports for the second quarter. It is essential for your business to stay on top of your quarterly tax obligations to comply with the law and avoid penalties at the same time. Therefore, if you are liable to pay federal excise taxes for your business or services using IRS Form 720, e-file Form 720 on TaxExcise.com to stay ahead of the deadline. If you are an IFTA taxpayer, prepare your IFTA reports accurately in our platform and file them before the last date. TaxExcise.com provides a convenient platform to e-file Form 720 directly to the IRS and prepare accurate IFTA reports online.

Purpose of Quarterly Federal Excise Tax Form 720.

Certain goods, businesses, products, services, and activities are liable for the quarterly federal excise taxes to the IRS. The owners or responsible parties must report and pay the excise taxes quarterly using the IRS Form 720. The federal excise taxes are now due for the second quarter (April to June). So, Form 720 taxpayers must report and pay their excise taxes on or before July 31, 2023. The IRS will charge hefty penalties and late charges if you miss the deadline. Remember that Form 720 has different parts and categories that contain multiple businesses, products, services, and activities. It is highly essential under Form 720 and its guidelines to understand the category of your business/product and report your taxes accordingly. At TaxExcise.com, our crystal-clear UI allows you to choose the category and e-file Form 720 without any hassle.

PCORI Fees

The Annual PCORI fees are also paid using the federal excise tax Form 720 during the second quarter. Therefore, the deadline for reporting and paying Form 720 for PCORI fees is July 31, 2023. Employers and health insurers providing specific health insurance policies are liable to pay this PCORI fee through IRS Form 720 annually. Specifically, the PCORI fees apply to employers with self-insured health plans and insurers providing fully-insured health coverage. PCORI fees contribute to important medical research that benefits the patients and healthcare. So, E-file PCORI fees online at TaxExcise.com, your trustable Form 720 e-filing service partner.

Purpose of IFTA

The International Fuel Tax Agreement (IFTA) is an agreement among the 48 contiguous states of the US and 10 Canadian provinces to simplify the reporting and payment of fuel taxes by interstate motor carriers. IFTA is implemented to streamline tax collection for carriers operating in multiple jurisdictions. Therefore, if you are a carrier operator or a business that operates qualified motor vehicles across the participating jurisdiction of IFTA, you must report and pay your IFTA returns. Businesses must report the miles traveled by the motor carrier and the gallons of fuel purchased in each participating jurisdiction. They must calculate the tax dues based on the fuel consumption of their fleet.

You cannot e-file IFTA tax reports. But you can accurately prepare your IFTA reports based on your fuel consumption data and other information on TaxExcise.com. You can download the prepared IFTA tax reports and paper file them on or before July 31, 2023, for the second quarter. If you miss the deadline, you will be liable to pay the fines or interest on your tax dues. Also, you might lose your IFTA license to operate across all participating jurisdictions legally. Therefore, prepare your IFTA reports online and stay ahead of the deadline.

To learn more about Form 720 taxes, PCORI fees, and IFTA tax reports, please don’t hesitate to contact our customer support team at 1-866-245-3918 (toll-free), available from 8 AM to 6 PM on all working days or write to us at support@taxexcise.com; we will reply promptly.