Hello taxpayers! As the due date for the second quarter of form 720 is approaching soon, you need to prepare and file form 720 before the time runs out. E-file your quarterly excise tax form 720 at TaxExcise.com today to stay ahead of the deadline and get the acknowledgment of your tax payment from the IRS immediately.
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 on a quarterly basis of the tax year using the 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.
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 the foreign insurers.
- Manufacturer Tax – Miners of coal and manufacturers of tires.
Part II in Federal Excise Tax Form 720
- Patient-Centered 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.
The Patient-Centered Outcomes Research Fee (PCORI Fee) is imposed under the ‘Affordable Care Act’ to fund the Patient-Centered Outcomes Research Institute (PCORI). This fee is imposed on certain health plans and health insurance policies. The PCORI fee is paid annually using the form 720 during the second quarter of the tax year. The PCORI section comes under the Part II of federal excise tax form 720, and This section has two parts, one is the specified health insurance policies, and the other one is applicable self-insured health plans. So, you need to identify where you belong between these two parts and file your form 720 taxes accordingly. The PCORI fee is also due on August 1, 2022.
E-file Form 720 federal excise tax for the second quarter at TaxExcise.com today!
TaxExcise.com is an IRS-approved modernized online tax efiling service provider. You can easily e-file form 720 in all the parts and categories for your businesses and services. Since form 720 is the quarterly excise tax and must be filed/reported every quarter within the deadline, e-filing form 720 at TaxExcise.com is the best way to do that. You don’t have to go to the IRS office and paper file every time. You can simply register at TaxExcise.com for free and e-file form 720 directly to the IRS in a few minutes. We also facilitate all the IRS-approved online tax payment gateways. We ensure the smooth transaction of your tax payments in our highly secure network. For queries and support, please get in touch with our customer help desk at 1-866-245-3918 (toll-free) or write to us at email@example.com; we will reply to you promptly.