So filers, how are you doing? Today we are here to remind excise tax filers to file form 720 for the third quarter of the calendar year. The last date for filing Quarterly Federal Excise Tax Return is 31st of October 2014.
The Quarterly Federal Excise Tax Return is used to file and pay excise tax due on the quarterly basis. Companies dealing with communication or environmental related business are required to file excise tax to the federal government. In addition, companies dealing with the sale of gasoline, tobacco, or services included indoor tanning may be required by law to file an excise tax return.
The form is divided into part I and II, dealing with its respective liabilities. However, you need to check through and understand the requirements framed for each business. The taxes are calculated on varied grounds for each of the service or product, so ensure you are clear in your math or IRS would simply reject your form 720.
As form 720 does not support any extension of time or payment, you are liable to file your return on time or you would be paying with penalties. You have 15 days in hand to get your return filed, however, ensure you are set with the documents to be filed on or before 31st October 2014.
If you are wondering, how you should be filing your excise tax form 720, we are here to explain the same:
With the moving technology and the rapid adaptation to the new world, efiling is one such method that let you file from the anywhere, anytime and also provide you with all the benefits you looking forward for. The advantage of electronic filing leaves you with no room for errors, wrong calculations and better filing. From the inputs of information to calculation, transmitting to IRS to payment online is made simple and reliable, enduring a better filing experience.
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