Hello taxpayers! The second quarter is coming to a close, and for some businesses, it’s time to file the quarterly federal excise tax using the IRS Form 720. This Form is used to report and pay various federal excise taxes. The last date to report Form 720 for the second quarter is July 31, 2024. So, if you are a regular Form 720 taxpayer, you should not miss this deadline to report Form 720 for the second quarter of this tax year. E-file Form 720 in TaxExcise.com quickly and get instant acknowledgment today!

 

Also, the second quarter filing coincides with the annual Patient–Centered Outcomes Research Institute (PCORI) fees, which should be filed using the federal excise tax Form 720. So, the businesses and taxpayers with specific health insurance plans must pay the annual PCORI fees using Form 720 within the second quarter deadline, July 31, 2024. So, we request that the PCORI taxpayers not miss this deadline and E-file Form 720 on TaxExcise.com.

Who needs to File Form 720?

Not all businesses need to file Form 720; This Form is typically required for companies that sell or manufacture products subject to federal excise taxes. These taxes can include:

Fuel taxes – Taxes on gasoline, diesel fuel, and other fuels.

Communications taxes – Taxes on phone service, cable TV, and other communication services.

Environmental taxes – Taxes on specific chemicals and ozone-depleting substances.

Air transportation taxes – Taxes on airline tickets and other air travel services.

Also, the federal excise taxes cover many other businesses, products, and services. You should check the IRS Form 720 and report your taxes accordingly. You can easily E-file Form 720 in TaxExcise.com in just a few steps. As Form 720 contains many products and services and is segregated into two parts, TaxExcise.com has the best interface to quickly choose your product or category, prepare your taxes, and report them to the IRS. You will experience a smooth Form 720 e-file process on our platform. So, don’t delay anymore. E-file Form 720 in TaxExcise.com on or before July 31, 2024, and complete your tax obligations on time.

What is the PCORI Fee?

The PCORI fee is an annual fee assessed on specific health insurance plans. It was established by the Affordable Care Act to fund research into patient-centred outcomes research. The fee applies to:

Issuers of specified health insurance policies: This includes companies that offer individual and small group health insurance plans.

Plan sponsors of applicable self-insured health plans: This includes businesses offering their employees self-insured health plans.

Per IRS regulations, the PCORI fees are reported and paid annually in the second quarter of Form 720. As the deadline for the second quarter is July 31, 2024, you must report and pay your PCORI fee using the Form 720 by the same deadline to stay in compliance. Hurry up and E-file Form 720 to report your PCORI returns in TaxExcise.com now!

Gentle reminder: IFTA tax reports for the second quarter are also due on the same date!

IFTA, the International Fuel Tax Agreement, is a tax collection agreement between the 48 contiguous States and the 10 Canadian Provinces bordering the US. IFTA is filed every quarter by interstate motor carriers. TaxExcise.com offers a comfortable online platform to prepare your IFTA tax reports online, as there is no way to E-file your IFTA reports online. You can then download your reports and file them at your base jurisdiction. The last date to report your IFTA taxes for the second quarter is July 31, 2024. So, prepare your IFTA taxes at TaxExcise.com today and file them before the deadline.

E-file Form 720 in TaxExcise.com today!

TaxExcise.com is an IRS-approved Form 720 online E-filing service provider. We provide a convenient online platform to report your quarterly federal excise taxes and PCORI fees at your convenience. All you need is a strong internet connection with a smart device like a PC, laptop, or smartphone; you can E-file Form 720 with ease. You can also pay your excise tax dues online through the IRS-authorized online payment gateways. 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 support@taxexcise.com; we will reply promptly.