The Federal Excise Taxpayers would be busy preparing the tax returns to complete the second quarter of 2022 returns. Don’t try doing it all yourself and let the tax preparation take all your time, choose electronic filing with https://TaxExcise.com and complete it in 3 simple steps. Electronic filing is fast, easy, safe and economic.
TaxExcise is an IRS Authorized electronic tax filing service provider for all the Federal Quarterly Excise Tax Forms at one place since 2007. The economic filing starts at $29.99 for a zero liability tax return. You can choose between a scalable and easy pricing based on your excise tax needs.
August 1, 2022 is the due date for the 2nd Quarter Federal Excise Taxes with the IRS, choose electronic filing to complete and pay the taxes on-time and receive the acceptance instantly.
Quarterly Federal Excise Tax Form 720
If you are running a business that offers a service or sells a product that has an excise tax liabilities then you might need to report the Federal Excise Tax Form 720 based on your business offerings. This is a Quarterly return and at end of every quarter this Tax Form 720 has to be reported and paid to the IRS. Now the second quarter of 2022 taxes are due and has to be reported on or before August 1, 2022. Defaulters may incur additional charges on top of the tax amount, likely penalties, interest and other charges.
PCORI Trust Fund Fee – Form 720 – 2nd Quarter Return
Patient-centered outcomes research (PCOR) fee. The PCOR 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.
Specified health insurance policies. For issuers of specified health insurance policies, the fee for a policy year ending on or after October 1, 2021, but before October 1, 2022, is $2.79 ($2.66 for a policy year ending on or after October 1, 2020, but before October 1, 2021), multiplied by the average number of lives covered under the policy for that policy year. Generally, issuers of specified health insurance policies must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year.
1. The actual count method.
2. The snapshot method.
3. The member months method.
4. The state form method.
This PCORI Fee shall be reported and paid once in a year during the 2nd Quarter Form 720 reporting.
Refund Claims on Excise Taxes paid
Any refunds on the Excise Tax reported can be attached using Schedule C. Otherwise, use IRS Tax Form 8849 – Claim for Refunds of Excise Taxes to claim the refunds owed back from the IRS.
TaxExcise supports all the Schedule’s (Schedule 1, 2, 3, 5, 6 & 8) and electronic filing speed up your claims processing time and gets you instant acceptance from the IRS. Then the IRS mails you the refund checks.
Federal tax deposits made by electronic funds transfer.
Generally, you must use electronic funds transfer to make federal tax deposits, such as deposits of employment tax, excise tax, and corporate income tax. Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). If you don’t want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. EFTPS is a free service provided by the Department of the Treasury. To get more information about EFTPS or to enroll in EFTPS, visit EFTPS.gov or call 800-555-4477.