Hello taxpayers! Its time to report your quarterly federal excise tax form 720 and pay the tax dues for the third quarter of this tax year. The last to report form 720 to the IRS for the third quarter is October 31, 2022. Therefore, you must e-file form 720 with the deadline and get the proper acknowledgment from the IRS to avoid penalties.
Form 720 – Quarterly Federal Excise Taxes
The federal government imposes quarterly excise taxes on certain products and services. The taxes are paid every quarter of the tax year by the users, owners, dealers, and importers of the particular products and services to the IRS through the federal excise form 720. You need to identify the category or line in which your service/product is in form 720 and report the taxes accordingly. IRS will charge penalties, late charges and interest on the tax dues if you miss the deadline. Therefore, you must file form 720 quarterly excise taxes to the IRS for the third quarter on or before October 31, 2022.
What’s new on Federal Excise Tax Form 720?
IRS has restored line 13 in form 720, Schedule C, which is the extension of alternative fuel and alternative fuel mixture credits sold or used in 2022. The form 720 taxpayers under the environmental taxes can make use of this line to file an extension for their alternative fuel and alternative fuel mixture credits.
E-file Form 720 at TaxExcise.com!
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