E-file Superfund Chemical Excise Taxes using Form 720 at TaxExcise.com!

Hello excise taxpayers! Superfund chemical excise taxes are reinstated on certain chemicals and imported chemical substances from July 1, 2022. There are separate Superfund chemical excise taxes under section 4661, tax on the sale or use of ‘taxable chemicals’ and under section 4671, tax on the sale or use of imported ‘taxable substances.’ These taxes are imposed after they expired in 1995. Now, the tax rates and tax-related provisions have been modified by the Infrastructure Investment and Jobs Act signed on November 15, 2021.

Form 720 and Form 6627 Environmental Taxes

Therefore, the dealers, manufacturers, importers and users of these taxable chemicals and imported taxable substances must report and pay the taxes to the IRS using the federal excise tax form 720. These taxes come under the IRS line 54 and line 17 in form 720. They must use the form 6627 to estimate the taxes and attach with the form 720. Form 6627 is the environmental tax form specially used to calculate the taxes on petroleum, ozone-depleting chemicals (ODCs), imported products that used ODCs as materials in the manufacture or production of the product, the floor stocks tax on ODCs, taxable chemicals and the applicable rates, and taxable imported chemicals substances and the applicable rates.

These are lines in form 720 which you must report and pay the Superfund Chemical Excise Taxes.

IRS line 54

Taxable Chemicals

Excise tax is imposed on the manufacturer, producer, or importer of chemicals who sells or uses these chemicals (other than ODCs). They should report and pay the 720 taxes under this category.

IRS line 17

Imported Taxable Substances

The importer of the chemical substances that are eligible for form 720 federal excise taxes must report and pay the taxes under this category.

Superfund Chemical Excise Tax Payments

You should pay the taxes on semimonthly period; that means you must pay the taxes twice a month. A semimonthly period is the first fifteen days of a calendar month and the following days from the 15th day of the month. You must carefully read the instructions from the IRS and pay your taxes accordingly. Or else, you will be subjected to penalties for not paying the tax dues on time. You can pay the taxes through the EFTPS system as per the IRS regulations.

E-file Form 720 at TaxExcise.com!

TaxExcise.com is an IRS-approved online form 720 e-filing service provider where taxpayers can e-file form 720 for their respective products/services smoothly without any errors or obstacles. You can easily select the service or product, proceed with e-filing and complete the whole process in just a few steps. Once you complete the 720 e-filing, you can transmit it to the IRS and instantly get the acceptance from the IRS to your email address. Form 720 quarterly excise taxes e-filing begins at $49.99 at TaxExcise.com. You can also avail yourself of our seasonal pricing packages to save big on your form 720 e-filing service charges. You can simply register at TaxExcise.com for free and e-file form 720 directly to the IRS in a few minutes. We also facilitate all the IRS-approved online tax payment gateways. We ensure the smooth transaction of your tax payments in our highly secure network. For queries and support, please get in touch with our customer help desk at 1-866-245-3918 (toll-free) or write to us at support@taxexcise.com; we will reply to you promptly.