Dear taxpayers! IRS has started accepting and processing form 720 quarterly federal excise taxes as usual and sending out acceptances and acknowledgements. The last date to e-file form 720 excise taxes for the quarter is January 31, 2023. So, you must report form 720 for your business/services/products and get the proper acknowledgement from the IRS. TaxExcise.com is the best place to prepare, report and pay your form 720 federal excise taxes and get the acceptance instantly to your registered email address.
Form 720 – Quarterly Federal Excise Taxes
The federal government imposes excise taxes on certain products and services like gasoline and aviation fuels and specific services like indoor tanning services and PCORI. The owners, dealers, and consumers of those products/services are liable to pay their federal excise taxes every quarter of the tax year using form 720 to the IRS. As form 720 contains many products and services, the IRS classified form 720 into two parts: part I and part II. So, the taxpayers must identify the part in which their product or service belongs and file their excise taxes accordingly. Every federal excise taxpayer must understand the parts and sections of form 720 to file it without errors. Also, the IRS has brought back a few categories in the federal excise tax form 720, like an extension for alternative fuels and alternative fuel mixture credits in Schedule C line 13, environmental tax – chemicals (other than ODCs) in IRS No. 54 and imported chemical substances in IRS No. 17.
Part I in Federal Excise Tax Form 720.
- Environment Tax – Oil Spills, ODCs.
- Communications Tax – Telephone services, Teletypewriter exchange services, etc.
- Air Transportation Tax – Transportation of persons and properties, domestic and international air travel facilities.
- Fuel Taxes – Uses of diesel, kerosene, gasoline, and LNG.
- Retail Tax – Manufacturing trucks, trailers, semitrailer chassis, bodies, and tractors.
- Ship Passenger Tax – Transport by water taxes.
- Foreign Insurance Tax – Policies issued by foreign insurers.
- Manufacturer Tax – Miners of coal and manufacturers of tires.
Part II in Federal Excise Tax Form 720.
- Patient-Centred Outcomes Research Fee – Taxes on specific health plans and policies.
- LUST Tax – Taxes on leaking underground storage tanks.
- Indoor Tanning Services Tax – Taxes on the businesses that provide indoor tanning services.
- Other products and services that come under form 720 part – II are Sport fishing equipment, Fishing rods and fishing poles, Electric outboard motors, Fishing tackle boxes, Bows, quivers, broadheads, and points, Arrow shafts, Inland waterways fuel use, and Biodiesel sold as but not used as fuel.
Form 2290 Pro-rated taxes for December used heavy vehicles.
This message is for the truckers and trucking taxpayers. Form 2290 truck taxes for the heavy vehicles and trucks first used in December 2022 is due on January 31, 2023. Truckers must report and pay form 2290 HVUT and get the appropriate schedule 1 copy to operate their trucking business smoothly.
TaxExcise.com is an IRS-approved modernized online tax e-filing service provider. You can easily e-file form 720 in all the parts and categories for your businesses and services. Also, you can e-file form 2290 HVUT and get the instant schedule 1 copy straight to your email address. For queries and support, please contact our customer help desk at 1-866-245-3918 (toll-free) or write to us at firstname.lastname@example.org; we will reply to you promptly.