Time to start working with your federal quarterly excisetax returns for 2nd Quarter of 2021. Excise taxpayers can do it online at Taxexcise.com in 3 simple steps. Sign-up, Add your business & tax information, submit, get acknowledge. It is that easy to do it yourself.
Federal Excise Tax can be prepared and reported online at http://TaxExcise.com, an IRS authorized eFile provider for all Federal Excise Tax Forms at one place. August 2, 2021 (usually July 31) is the deadline for the 2nd Quarter of 2021 reporting. Try for free and pay only when you print the form or eFile it to the IRS. Talk to our support desk today at 866 245 3918 or email to support@taxexcise.com.
The first quarter of Federal Excise Tax returns got due by April 30, 2021 and if you have missed the due date you still have time to report this excise taxes with the IRS. Report the taxes as early as possible to reduce the late filing and interest charges on the delay. TaxExcies.com has a intuit solution for taxpayers that would enhance the excise tax reporting process. This is a self serviced tax reporting website and getting started is simple, just start using by registering with your email and you have help around to walk you through the process screen by screen. No upfront charges, try for free and pay only when you opt to eFile or print the tax return.
The electronic filing platform have seen a consistent growth over the years and now this is the most preferred method to report and pay the Federal Taxes. The electronic filing also leads the taxpayers to directly report and pay the taxes with the IRS. The situation due to pandemic has pushed the taxpayers towards electronic filing. TaxExcise.com is a pioneer in handling Quarterly Excise Tax returns since 2007, infact the only website that supports electronic filing for all the Federal Excise Tax Forms at one place.
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.
Did you know, The first PCORI fee was assessed for plan years ending after Sept. 30, 2012, and the fee for the first plan year was $1 per plan enrolee, it increased to $2 per enrolee in the second year and was then indexed in subsequent years based on the increase of the projected per capita amount of National Health Expenditures.
We have certainly received an influx of inquiries regarding the IRS’ plans for PCORI, and just as we thought, the IRS has EXTENDED the Patient-Centered Outcomes Research Institute Fee (PCORI) for an additional 10 YEARS. As a result of this extension, PCORI fee will continue to be imposed through 2029.
In the Sections 4375 and 4376, the IRS set the amount used to calculate the PCORI fee at $2.54 per person covered by plan years ending Oct. 1, 2019, through Sept. 30, 2020. The applicable rate for policy and plan years ending on or after October 1, 2020, will be included in future revisions.
The next annual fee that sponsors of self-insured health plans must pay to fund the federal Patient-Centered Outcomes Research Institute (PCORI) is due July 31, 2020, and should be reported on the second quarter filing of 2020.
