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.
Patient Centered Outcome Research Fee and When it has to be Filed:
This IRS excise tax is imposed on issuers of insurance policies and sponsors of health plans. Filing this excise tax return helps in the funding of the Patient Centered Outcomes Research Institute. This fee is applicable to insurance policies ending before October 1, 2019. The due date for filing patient centered outcome research fee is July 31 and should be filed annually. If you are an issuer or sponsor filing this excise tax return should ensure having information on the exemptions and exclusions. Click here for additional information on this excise tax return.
IRS Excise Tax Return on Sport Fishing Equipment:
The Internal Revenue Service imposes around 10% tax on fishing equipment and should be filed by the manufacturer, producer, or importer. The equipment for which the tax to be filed on are fishing rods, poles, spear guns, and other fishing supplies and accessories. Individuals and businesses who sell or deal with any of the fishing products need to file this excise tax return.
Form 720 for Electric Outboard Motors & Sonar Devices:
The minimum tax amount for filing this excise tax return is 3% of the sold price. This IRS excise tax return should be filed by any manufacturer, producer, or importer and before the due date to stay away from penalties. Sonar devices are useful for navigating the underwater objects but those for finding fish do not include meter readouts and graph recorders. Individuals and businesses should provide complete details of the amount made during each sale when filing the tax return.
IRS Excise Tax Return on Bows and Arrows:
The percentage of tax levied on bows is 11% and implies to bows with a minimum weight of 10 pounds. Businesses need to pay for the sale of its part or accessory that makes them suitable for use with an arrow. The minimum tax levied on arrow is 12.4% that measures around 18 inches or more, as well as suitable enough to be used with a bow. When filing tax for these equipment ensure providing the complete details.
Filing excise tax return is a responsibility of individuals and businesses residing in the U.S. Knowing the essential factors that entails the IRS excise tax return can make the process simple and uncomplicated. Additionally, to save from the tortures of paper filing it is advisable to e file with TaxExcise.com, the safe, secured, and one stop service provider for filing excise tax. Send us all your queries and suggestions at firstname.lastname@example.org.