Attention truckers and federal excise taxpayers! This message is for you. The last date to report form 2290 on a pro-rated basis for heavy vehicles first used on March 2023 and quarterly federal excise form 720 for the first quarter is May 01, 2023. If you are a trucking taxpayer or a Form 720 taxpayer, you must not miss the deadline and report the taxes on or before the last date. Otherwise, the IRS will charge heavy penalties, late charges, and interest on your tax dues. As the deadline is just a few days away, it would be best if you e-file form 2290 and form 720 on TaxExcise.com and get the acceptance to your registered email address at the earliest.
The last date to report form 720 for the first quarter is approaching soon.
The quarterly federal excise taxes are usually imposed on the price of the products and specific activities like entertainment, gambling, etc., and both federal and state governments impose them. Form 720 is used to report the quarterly federal excise taxes on certain products like gasoline and aviation fuels and specific services like indoor tanning services and PCORI. IRS charges these excise taxes during every quarter of the tax year from respective parties entitled to form 720 excise taxes. They are liable to pay quarterly excise taxes for their respective products or services to the IRS using form 720 within the deadlines during every quarter. The last date to report form 720 for the first quarter of this tax year is May 01, 2023. Therefore, form 720 payers must e-file form 720 to the IRS on or before the deadlines and get proper validation of their successful form 720 tax payments.
Taxation is considered to be one of the byzantine activities but there is no way one can escape from it. You may hire a tax professional to help you file excise tax return but it is always wise to understand the taxes you are paying for. With the several taxes levied by the Federal Government, Tax 720 is a quarterly Tax return that some and not all businesses file with the IRS. Although, understanding form 720 might not be easy but reading this article might make things clear and logical.
Quarterly Federal Excise Return: The Actual Purpose
The federal government collects excise tax on a wide-variety of goods and services such as indoor tanning excise tax, airline ticket tax, and gasoline tax. Although, the tax is included in the price but the seller and manufacturer should file a return to report to the Internal Revenue Service quarterly. It is advisable to select the right option from the taxes listed on tax 720 form. Read on to get a brief insight of the environmental taxes.
Environmental Taxes: Imposed on:
- Oil Spill Liability Tax
Businesses using crude oil, which includes natural gasoline and crude oil condensates should use form 6627 and 720 to file for oil spill liability tax.
- Imported Petroleum Products:
Whether used for consumption, warehousing, or any other purpose in the United States, businesses are legally responsible to file for excise tax 720. This tax is imposed only once, therefore businesses should ensure if the tax has already been imposed on.
- Ozone-depleting Chemicals or ODCs:
ODC tax is levied on manufacturers and importers for selling and using of ODC to generate income and for other purposes. However, there are scenarios when businesses can be exempted from tax ODC such as metered-dose inhalers, recycled ODCs, Exported ODCs, ODCs used in natural form.
E-filing Tax Return: The Viable Option:
With the filing date approaching soon (April 30th for first quarter), e-filing your tax return is the right way to reduce the hassles. Many CPAs filing tax return for their customers choose Tax720.com. By electronic filing you save the environment too. Call us @ 866-245-3918 to share your ideas or get your queries answered.