Filing excise tax return is no child’s play and involves several processes starting from understanding to filing the taxes. Excise tax form 720 engages several categories i.e. Part I, Part II, and Schedule A, T, and C. Speaking about the Part II available in IRS form 720, it involves several aspects such as ‘patient centered outcomes research fee’, ‘health insurance policies’, and ‘fishing equipment’. Reading this blog can help in a better understanding of the tax returns involved in the U.S federal excise tax return. Continue reading Explaining Part II in IRS Excise Tax Form 720
Category Archives: Electronic filing of Form 720
Form 720 and Environmental Taxes – A Sneak Peek
Taxation is considered to be one of the byzantine activities but there is no way one can escape from it. You may hire a tax professional to help you file excise tax return but it is always wise to understand the taxes you are paying for. With the several taxes levied by the Federal Government, Tax 720 is a quarterly Tax return that some and not all businesses file with the IRS. Although, understanding form 720 might not be easy but reading this article might make things clear and logical.
Quarterly Federal Excise Return: The Actual Purpose
The federal government collects excise tax on a wide-variety of goods and services such as indoor tanning excise tax, airline ticket tax, and gasoline tax. Although, the tax is included in the price but the seller and manufacturer should file a return to report to the Internal Revenue Service quarterly. It is advisable to select the right option from the taxes listed on tax 720 form. Read on to get a brief insight of the environmental taxes.
Environmental Taxes: Imposed on:
- Oil Spill Liability Tax
Businesses using crude oil, which includes natural gasoline and crude oil condensates should use form 6627 and 720 to file for oil spill liability tax.
- Imported Petroleum Products:
Whether used for consumption, warehousing, or any other purpose in the United States, businesses are legally responsible to file for excise tax 720. This tax is imposed only once, therefore businesses should ensure if the tax has already been imposed on.
- Ozone-depleting Chemicals or ODCs:
ODC tax is levied on manufacturers and importers for selling and using of ODC to generate income and for other purposes. However, there are scenarios when businesses can be exempted from tax ODC such as metered-dose inhalers, recycled ODCs, Exported ODCs, ODCs used in natural form.
E-filing Tax Return: The Viable Option:
With the filing date approaching soon (April 30th for first quarter), e-filing your tax return is the right way to reduce the hassles. Many CPAs filing tax return for their customers choose Tax720.com. By electronic filing you save the environment too. Call us @ 866-245-3918 to share your ideas or get your queries answered.
IRS Form 720 Deadline for the Fourth Quarter Of 2012
Fourth Quarter Deadline
Forgot about your fourth due for federal excise taxes? We (taxexcise.com) are here to remind you to e-file your IRS Form 720 for the fourth quarter of the year 2012. The deadline ends on January 31st 2013. This Federal Excise Tax Return is for the fourth quarter, i.e. for October, November and December of 2012. Continue reading IRS Form 720 Deadline for the Fourth Quarter Of 2012
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SSL is a protocol used for data encryption over the internet. We use secure socket layer for the security and safety of our client’s personal information. One of the main reasons for us to be an SSL certified is to ensure the complete security of our customers. Since a sole-off connection is established between the server and the customer, the data passed across an SSL connection cannot be corrupted with. Another pro is the data sent is directed by means of a private communication channel. The numeric, special characters, alphabets, your credit card numbers, your addresses and other payment related details are encoded into information bits. Only random characters appear through. The right end-user with right keys alone can decode the information through the encryption key. Encrypted data are highly impossible to attack by hackers. SSL protects from phishing and pharming too. With the aid of SSL, it is quite troublesome to impersonate the site info’s. TaxExcise.com has passed out the audits like PCI compliance (payment card industry) that looks for proper SSL permit. A server that has such a credit is allowed to get credit card information. Apart from encryption, SSL certificate also provides the authentication which prevents you from sending your data to any criminal servers that likely look as your required server.
You can find the trust seal of security in Taxexcise.com. A well aware internet user always knows the necessity of SSL protection and would never miss such SSL certified service providers. Are you the one such to file your excise tax returns with us? Let us live our lives with happiness and file our taxes with awareness.
IRS Seeks to Return $153 Million in Undelivered Checks to Taxpayers; Recommends e-file, Direct Deposit to Avoid Future Delivery Problems
WASHINGTON — In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks this year that could not be delivered because of mailing address errors.
Undelivered refund checks average $1,547 this year.
Taxpayers who believe their refund check may have been returned to the IRS as undelivered should use the “Where’s My Refund?” tool on IRS.gov. The tool will provide the status of their refund and, in some cases, instructions on how to resolve delivery problems.
Taxpayers checking on a refund over the phone will receive instructions on how to update their addresses. Taxpayers can access a telephone version of “Where’s My Refund?” by calling 1-800-829-1954.
While only a small percentage of checks mailed out by the IRS are returned as undelivered, taxpayers can put an end to lost, stolen or undelivered checks by choosing direct deposit when they file either paper or electronic returns. Last year, more than 78.4 million taxpayers chose to receive their refund through direct deposit. Taxpayers can receive refunds directly into their bank account, split a tax refund into two or three financial accounts or even buy a savings bond.
The IRS also recommends that taxpayers file their tax returns electronically, because e-file eliminates the risk of lost paper returns. E-file also reduces errors on tax returns and speeds up refunds. Nearly 8 out of 10 taxpayers chose e-file last year. E-file combined with direct deposit is the best option for taxpayers to avoid refund problems; it’s easy, fast and safe.
The public should be aware that the IRS does not contact taxpayers by e-mail to alert them of pending refunds and does not ask for personal or financial information through email. Such messages are common phishing scams. The agency urges taxpayers receiving such messages not to release any personal information, reply, open any attachments or click on any links to avoid malicious code that can infect their computers. The best way for an individual to verify if she or he has a pending refund is going directly to IRS.gov and using the “Where’s My Refund?” tool.
More Links:
Video: Undeliverable Refunds: English | Spanish | ASL
Podcast: Undeliverable Refunds
Source: www.irs.gov Issue Number: IR-2011-113