Tag Archives: Form 720

The deadline for filing Form 720 for the first quarter of 2021 is April 30, e-file now!

Taxes are one of the most challenging and complicated aspects of running a business. There are several forms to fill out, each with its own set of conditions and deadlines. In light of that, businesses who deal with the selling of such products and services must file Form 720. These companies must pay “Excise Taxes,” which are additional taxes.

If the company is in charge of filling out Form 720, you must file it periodically and can do it either online or by mail. The IRS Form 720 has three components, as well as sections for Schedule A, Schedule T, and Schedule C. Excise taxes, on the other hand, must be paid on a semimonthly basis and through electronic funds transfer. A semimonthly period is described by the IRS as the first 15 days of the month (first semimonthly period) or the 16th to the last day of the month (second semimonthly period). Your excise taxes will be calculated as a percentage of gross revenue or a percentage of units sold, depending on your specific business.

Over a calendar year, this Federal excise tax is divided into four months, with each quarter’s date falling on the last day of the next month, i.e., by April 30 for the first quarter, July 31 for the second quarter, October 31 for the third quarter, and January 31 for the fourth quarter. The first quarter of 2021 (for the months of January, February, and March) must be submitted by April 30, 2021. Even if you are not responsible for excise taxes during any of the year’s quarters, you must submit Form 720 by the deadlines.

Continue reading The deadline for filing Form 720 for the first quarter of 2021 is April 30, e-file now!

Missed Out Federal Excise Tax Deadline Then File At The Earliest

Quarterly Federal Excise Tax Form 720 for the 4th Quarter of 2020 was due this February 1  and if you have missed it file and pay the taxes at the earliest to make it less taxing. You can still report the taxes and pay the dues electronically at TaxExcise.com to lower your tax late filing charges, penalties and interests.

The tax filing deadline has come and gone. If you didn’t file a tax return and pay the taxes you owe to the IRS on your FET should have, you need to take action now. Filing soon is very important because the late-filing penalty and late-payment penalty on unpaid taxes adds up quickly.

The IRS is processing tax returns, issuing refunds and accepting payments. Taxpayers who mail or who have already mailed a tax return will experience a longer wait.  IRS encourages all taxpayers to make use of the electronic filing, it is fast, easy and safe. TaxExcise.com is the only website that offers secured and simple electronic filing services for all the Federal Excise Tax Returns at one place. TaxExcise.com is the most experienced and most trusted electronic filing service since 2007.

ExtensionTax.com a product of ThinkTrade Inc.

The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. If you’re not ready with your Federal Income taxes for individual and business taxes, to get extra time to prepare on your tax return file for extension of time.

Federal Tax Extension Application Online

When the coronavirus pandemic hit in full force in March 2020, it upended normal life in a very meaningful way. Businesses were forced to shut down. Schools closed for in-person learning all over the country. And countless families were left scrambling to pay their bills.

Given that chaos, the IRS made what many agree was a smart and reasonable decision — to postpone 2020’s tax-filing deadline from April 15 to July 15. Not only were taxpayers given an extra three months to submit their returns, but they also got three more months to pay any tax debt they owed without incurring interest or penalties.

Unfortunately, tax filers won’t get any extra time this year to tackle their tax returns. The IRS has confirmed this week that it will not, in fact, be pushing back the April 15 deadline this year. If you haven’t begun to give your taxes some thought, now’s the time to get moving.

Start working with your Extension Tax Application to push your due date from April 15 to October 15 automatically by filing the extension tax forms with the IRS on time

Form 4868 – Automatic Extension of Time to File Individual Income Tax Return – Due Date April 15

Form 7004 – Automatic Extension of Time to File Business Income Tax Return – Due Date March 15 / April 15 as per your Business Type.

Form 8868 – Automatic Extension of Time to File Non-Profit Business Income Tax Return – Due Date May 17

Form 2350 – Automatic Extension of Time to File U.S. Individual Income Tax Return – Out of Country by April 15 – Due Date is June 15.

Get Extra Time

“Deadline Alert” FET Form 720 Due TODAY for the fourth quarter 2020

New Year, new challenges, and new deadlines. While the first month of this New Year is just over, we all must have started planning out our game plan. The start of this year also brings us the first deadline for Form 720. This Quarterly Federal Excise Tax Return has to be reported by the last day of the month following the calendar quarter, this form is filed every quarter to report taxes imposed on the manufacture, sale or use of a certain type of goods and products and the deadline for the 4th quarter of 2020 is February 1st which is Today. Failure to file or late filing will result in penalties with interest.

Do take note that even though you have no sale to report you will still need to file out a Form 720 by selecting the option for a Zero Return (Zero Tax Liability). This is to keep the IRS informed that you do not have any Excise taxes to report during the quarter.

Away from your desk, currently working from home, and is the upcoming deadline blues getting to you, Look No Further!!

To ensure we are able to provide you with the best customer service, our tax experts are at your disposal for any Federal tax-related questions. Feel reach us on our toll-free number @ 866-245-3918 or drop us an email to support@taxexcise.com do also try out our LIVE CHAT option available on the website. We’re available on all Business days between 9:00 AM to 6:00 PM Central Time. Thank you for your support.

Note: The IRS offices might not be at your reach, but they’re fully operational to support E-filing and all the returns filed online through our website are being processed by the IRS within minutes.

E-File Now as the Deadline is around the corner for Form 2290, Q4 Form 720 & IFTA

Overcoming the Pandemic, one of the most essential business goals is to stay compliant with the IRS by not missing out on the deadlines. Being the 1st month of the year, and it is the end of the month resulting in 3 Tax Deadlines.

* 4th Quarter Form 720

Form 720, Quarterly Federal Excise Tax filing has to be reported before the end of the month following the calendar quarter. Form 720 is filed every quarter to report taxes imposed on the manufacture, sales, or usage of a certain type of goods & products, as the 4th quarter deadline falls on 31st January 2021. If missed or filed late will result in paying penalties.

Continue reading E-File Now as the Deadline is around the corner for Form 2290, Q4 Form 720 & IFTA

Today is the Deadline to file Form 720 excise tax return for the third calendar quarter of 2020 (July, August, and September)

We have an important message about your Form 720 tax returns, today is the deadline to file Form 720 excise tax return for the third calendar quarter of 2020 (July, August, and September). However it is only applicable for businesses that deals in goods and services subject to excise tax. If you were responsible for collecting excise taxes during this quarter and haven’t filed your tax return yet, you must prepare and file it by today, November 2nd, 2020.

Continue reading Today is the Deadline to file Form 720 excise tax return for the third calendar quarter of 2020 (July, August, and September)