As the FIRST IRS AUTHORIZED & ONLY DECADE OLD E-file Service Provider for E-filing, it is our duty to alert all excise taxpayers of the upcoming deadline. Form 720, Quarterly Federal Excise Tax Reporting, to be sent by the end of the calendar quarter. Form 720 is filed quarterly to record taxes levied on the manufacturing, distribution, or use of a certain class of goods and materials, with the first quarter deadline falling on April 30th, 2021. We’re halfway through April, which means we’re approaching the Due Date for the first quarter of 2021. Walking to the local IRS office or mailing the paper-filled Form 720 in this short time period is the slowest way of filing form 720 and you can foresee a delay in getting the filings acknowledged and if the date is skipped or filed late, you will have to incur penalties.
Keep in mind that even though you have no sales to record, you must also file a Form 720 by choosing the alternative for a Zero Return (Zero Tax Liability). This is to notify the IRS that you have no Excise taxes to declare for the year.
Time for Excise Taxpayers to go in full swing and complete the Quarterly Federal Excise Tax returns for the 2nd Quarter of 2020. Excise taxes collect along with the goods or services offer has to be consolidated and reported to the IRS in the tax form 720. PCORI fee is also due and has to be reported along with the 2nd Quarter of Form 720.
Form 720 – Electronic Filing – July 31 Due Date
TaxExcise.com electronic filing enables you to meet excise tax compliance effortlessly with its features, error free filing is very much possible. with eFiling. For small businesses electronic filing is much handy then working with a tax accountant. Excise taxes can be prepared and reported by yourself in 3 simple steps. Just complete the information that is probed and you’re done in few minutes. Get tax calculated right, as we update the tax rates regularly when there is a new update from the IRS.
Electronic filing saves time and get it done with the help of our tax experts waiting to answer and help you through the efiling process. It won’t take much time for you to have your Federal Excise Tax returns processed by the IRS and to receive the acknowledgement in mail. The earlier you efile you get more time to work with your return if it requires an amendment or resubmission in case of rejections.
PCORI Fee in Form 720 – July 31 Due Date
New research trust fund fees are due July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment can also be paid through the Electronic Federal Tax Payment System (EFTPS) if you already have an account established.
The PCORI fee initially applied to specified health insurance policies and applicable self-insured health plans with policy or plan years ending after September 30, 2012, and before October 1, 2019; however, in December 2019 the fee was extended for an additional 10 years under the Further Consolidated Appropriations Act, 2020 (H.R. 1865) and now applies through plan years ending before October 1, 2029.
The IRS provides self-insured employers with transition relief for calculating the average number of plan enrollees, which the IRS refers to as covered lives—employees, spouses and dependents covered by the health plan. Payment due on any given July 31 covers the plan year that ended in the preceding calendar year, so the fee payable by July 31, 2020, is for plan years ending in 2019.
Electronic filing with TaxExcise.com
The due date is around the corner and you have limited time to do a paper return. Electronic filing can be strategically the best way to report and pay the Federal Excise Taxes with the IRS. Taxpayers should file on time, even if they can’t pay the full amount due. Then, they should pay the rest as soon as they can. Remember, the sooner paid, the less owed. The Internal Revenue Service reminds taxpayers about the importance of timely filing and paying their taxes, and that there are several options available to help people having trouble paying.
TaxExcise.com is an IRS authorized eFile service provider and help you to complete this Excise Tax returns electronically. The only website to efile the tax form 720, no need to have any software or tools to download, just plug into an internet connect and start efiling with TaxExcise. Talk to us today at (866) 245 – 3918 or write to us at support@taxexcise.com.
During this unprecedented crisis, while families and employees are staying safe home, the trucking industry is there to ensure the most critical goods are delivered to U.S. communities. Truckers making it possible to deliver essentials across the country knowing that they are getting exposed. The nation’s 3 million truck drivers are unsung heroes of the coronavirus crisis, working overtime to keep the critical supply chain moving. We salute them for the Selfless Service and helping all the Front Liners equipped with essentials. Let this July be a new beginning for us to move forward from crisis to recovery.
This July we’re celebrating our independence and we wish every one a Happy 4th of July. It is also the time of the year, the federal vehicle use tax form 2290 for this new tax year July 2020 through June 2021 is up for renewal. The Form 2290 and Schedule 1 has to be reported and get it stamped to show that as a proof of payment to have the vehicles registered under your authority with the federal agencies.
During this unprecedented times of this coronavirus pandemic, businesses are finding it hard to keep up with the operations. We’re working tirelessly to help our users to electronically report and pay the 1st Quarter Federal Excise Tax returns, this April 30 is the Due Date. The IRS call centers and return processing centers are closed in response to COVID-19, stopped processing paper returns for now, additionally, several Governors have issued stay-at-home orders. IRS encourages electronic filing, they are only processing returns that are reported electronically. TaxExcise.com is the best place for you to prepare and report the 1st Quarter Federal Excise Tax returns.
The 1st Quarter Federal Excise Taxes are due for businesses that is charging and receiving excise taxes between January 1, to March 31. This April 30 is the due date for reporting and paying it online.
We wanted to express our sincere gratitude to the numerous trucking company employees, dealers, drivers and service techs across our industry who continue to step up, despite personal and economic hardships. Stay Safe and stay strong.
Though the IRS Offices are not operational, their E-file services are online and tax returns are currently being processed within minutes. Use TaxExcise.com to eFile your Quarterly Federal Excise Tax returns. We at ThinkTrade Inc. have developed a contingency and business continuity plan during an outbreak of COVID-19 to ensure all our resources are at your assistance for your federal tax e-filing needs. If you have any questions, please feel free to call our Help Desk at 1-866-245-3918 or email us at support@taxexcise.com or use the live chat support available on the website. We’re available on all Business days between 9:00 AM to 6:00 PM Central Time.
The Federal Excise Tax is a Quarterly return reported using IRS Tax Form 720 by end of every quarter. TaxExcise is the best software platform for preparing and reporting your Excise Tax returns. We handle thousands of returns every year and a preferred partner for tax electronic filing. It is easy to get started with electronic filing, create an user account with your email and just jump into preparing the quarterly Federal Excise Tax returns. This is the only website to support efile as a Self Service portal where you can prepare the returns on your own in simple and easy steps.
Electronic filing can give the much needed push to the return that is nearing the deadline, for 4th quarter 720 reporting today is the last day and eFile is the only option available to get it done. Increase your chance of complete your 720 return by filing it online at TaxExcise.com.
