In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.
Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of
It is October and time for the 3rd Quarter Federal Excise Tax reporting. If your business deals with quarterly excise taxes and liable to report it to the IRS then make sure you report and pay this by November 2, 2020 as the usual due date October 31, 2020 falls on a weekend, the due date is pushed to the next business day.
Electronic filing is the simple and easy process to prepare your 720, Quarterly Federal Excise Tax returns. By answering simple interview questions you can complete your excise tax returns in minutes. Electronic filing makes sure that you have all the information for the IRS to process your quarterly return and accept it.
TaxExcise.com the only E-file service provider that helps to report a wide assortment of Excise Tax forms would like to keep you reminded about the upcoming April 30th Deadline on Form 720 for the 1st Quarter of 2020. Form 720 is filed every quarter to report taxes imposed on a business for the manufacture, sale or use of a certain type of goods and products, these businesses are required to pay extra taxes, known as “Excise Taxes” and this has to be reported by the last day of the month following the calendar quarter.
Due to the ongoing Covid-19 pandemic, most businesses will not have any excise tax to report for the first quarter, however, in order to abide and stay compliant with the IRS, these businesses should still file and report a Form 720 by selecting the option for a Zero Tax Liability.
Need Help Filing Online?
With the IRS closed due to the persisting lockdown most filers will find it difficult to file a paper return on time. The IRS offices might not be at your reach, but they’re fully operational to support E-filing and all the returns filed through our website are currently being processed by the IRS within minutes.
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.
We at TaxExcise at this time of a global crisis do understand your needs,
and wouldn’t want you to miss out on the upcoming deadlines. The clock is
ticking, as businesses are closed your work is piling up, that strict timeline
is looming over your head and it’s seemingly more and more unlikely that you
will meet the deadline. Even though the deadline for a considerable number of
forms and payments have been postponed, there are still a handful of tax forms
that have not been extended by the IRS and Form 2290, Form 720 and IFTA are
namely a few.
Form720 is filed every quarter to report taxes imposed on the manufacture, sale or
use of certain type of goods and products, the deadline to have this reported
for the 1st quarter of 2020 is April 30.
Due to the current situation with the lockdown still in effect, the most
common question we had come across is “Do we still need to file form 720 if we do not have any excise tax to
report?“
The answer is “Yes”, though you
have not made any sale that includes Excise tax you will still need to file
form 720 by reporting a Zero Return (Zero
Tax Liability).
Form2290 needs no introduction, as most truckers are
already aware that this form needs to be completed when a vehicle is first used
or placed into service during a tax year. The April 30th deadline is
for trucks that started operations and were first used anytime during the month
of March.
Preparing your IFTA tax report
is fast, easy and more convenient when done online. Prepare your report for the
First Quarter of 2020 before the April 30th deadline.
This April deadline happens to be the one that always stands out as it
revolves around 3 tax forms that serve a different purpose. You can always
depend on our E-file services that is currently open and processing returns
online. Though the IRS offices are not operational, their E-file services are
online and tax returns are currently being processed with a turn-around time of
a few minutes.
Due to the COVID-19 Outbreak we at www.TaxExcise.com have initiated a contingency and business continuity plan to ensure that all our resources are at your assistance. If you have any questions or need any help in completing federal tax returns feel free to call our Help Desk @ 866-245-3918 or email us at 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 6:00pm Central Time.
The D-Day to report and pay the 2nd Quarter Federal Excise Tax returns in IRS Tax Form 720. The last few hours to get it done with the IRS. Electronic filing is the best way to get it prepared and reported with the IRS. We can assure you that the returns will be processed by the IRS faster than any other mode of filing. Paper filing takes minimum of 3 weeks to get it processed by the IRS, where else the electronic filing for the efiling takes just 20 minutes for an update. At the worst case when IRS servers are busy processing thousands of returns you will get an update on the same day of filing.
July 31 Due Date for 2nd Quarter Federal Excise Tax Returns.
