Missed out to report your 2nd Quarter Federal Excise Tax

The Federal Excise Taxes are reported quarterly with the IRS using Federal Excise Tax Form 720, for 2nd Quarter it was due on July 31 and if you have missed out the July deadline, you can still report it online at TaxExcise.com. Reduce your late fee charges, penalties and interest by filing it as early as possible.

Electronic filing is the best way as it reaches IRS in minutes and gets processed immediately with out any further delay. An acknowledgement is share by the IRS on acceptance, we in-return sent it across to your inbox.  E-file is the fastest way to report taxes with the IRS, also the convenient, safe  and secured way. Record keeping is also easy and you can access your tax return any time any day, it is available in our website. 

Penalties and Interest

It appears that the penalties for late filing, late payment or non filing of this return are the same as for late filing, late payment or non filing of income tax returns and the penalties are based on the amount of taxes that are due with the return.

If you receive a notice about a penalty after you file this return, reply to the notice with an explanation and we will determine if you meet reasonable-cause criteria. Don’t include an explanation when you file your return.

Trust fund recovery penalty. If communications, air transportation, and indoor tanning services taxes are collected but not paid to the United States Treasury or are willfully not collected, the trust fund recovery penalty may apply. The penalty is the full amount of the unpaid tax.  The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying over these taxes, and who acted willfully in not doing so.

A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, an employee of a sole proprietorship, an accountant, or a volunteer director/trustee. A responsible person also may include one who signs checks for the business or otherwise has authority to cause the spending of business funds.

Willfully means voluntarily, consciously, and intentionally. A responsible person acts willfully if he or she knows the required actions aren’t taking place.

PCORI Fee, that is the patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Generally, references to taxes on Form 720 include this fee. This PCORI Fee, has to be filed in Form 720 annually and pay the fee on the second quarter of Form 720 no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies.

Electronic filing.

You can electronically file Form 720 through any electronic return originator (ERO), transmitter, and/or intermediate service provider (ISP) participating in the IRS e-file program for excise taxes. For more information on e-file, visit the IRS website at IRS.gov/eFILE.

TaxExcise.com the IRS Authorized e-File provider since 2007, is the 1st website authorized for all Federal Excise Taxes including Form 720, 2290 and 8849. Try for free, pay only when you’re ok with the service and about to print/efile. No upfront  charges, create your own user account  for FREE.

Talk to our experts at (866) 245 – 3918 or write to us at support@taxexcise.com for further assistance with your Federal Excise Tax  eFiling.

Tax Form 720 efile