The IRS released a notice (Notice 2020-48) automatically extending the due date for excise tax returns reporting federal sporting goods excise taxes until Oct. 31, 2020 for returns that are generally due July 31. Further, the period from Aug. 1 through Oct. 31 will be disregarded for purposes of calculating any penalties or interest for the second quarter returns that are not paid by Oct. 31. The penalties and fees will begin to accrue on Nov. 1, 2020 if the taxes are not paid or the returns are not filed.
The Federal Excise Tax returns for the 2nd Quarter of 2020 is now due and July 31 is the due date to report and pay the taxes with the IRS. Electronic filing is the best way to prepare your excise tax returns and to report it with the IRS. Electronic filing guarantees safe and secure filing, fast and quick processing, economic and simple pricing. You never miss out anything that is needed to complete your return and the IRS would be able to process it immediately. PCORI Fee that is reported in the Federal Excise Tax Form 720 along with the 2nd Quarter Returns is due now. July 31, 2020 is the due date and it can be reported and paid online using TaxExcise.com.
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.
“The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020.”
During this unprecedented crisis, while families and employees are staying safe home, the trucking industry is there to ensure the most critical goods are delivered to U.S. communities. Truckers making it possible to deliver essentials across the country knowing that they are getting exposed. The nation’s 3 million truck drivers are unsung heroes of the coronavirus crisis, working overtime to keep the critical supply chain moving. We salute them for the Selfless Service and helping all the Front Liners equipped with essentials. Let this July be a new beginning for us to move forward from crisis to recovery.
This July we’re celebrating our independence and we wish every one a Happy 4th of July. It is also the time of the year, the federal vehicle use tax form 2290 for this new tax year July 2020 through June 2021 is up for renewal. The Form 2290 and Schedule 1 has to be reported and get it stamped to show that as a proof of payment to have the vehicles registered under your authority with the federal agencies.
TaxExcise.com the only E-file service provider that helps to report a wide assortment of Excise Tax forms would like to keep you reminded about the upcoming April 30th Deadline on Form 720 for the 1st Quarter of 2020. Form 720 is filed every quarter to report taxes imposed on a business for the manufacture, sale or use of a certain type of goods and products, these businesses are required to pay extra taxes, known as “Excise Taxes” and this has to be reported by the last day of the month following the calendar quarter.
Due to the ongoing Covid-19 pandemic, most businesses will not have any excise tax to report for the first quarter, however, in order to abide and stay compliant with the IRS, these businesses should still file and report a Form 720 by selecting the option for a Zero Tax Liability.
Need Help Filing Online?
With the IRS closed due to the persisting lockdown most filers will find it difficult to file a paper return on time. The IRS offices might not be at your reach, but they’re fully operational to support E-filing and all the returns filed through our website are currently being processed by the IRS within minutes.
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tax-related questions. Feel reach us on our toll-free number @ 866-245-3918 or
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