After the passage of authorization by Congress, the ‘Patient-Centered Outcomes Research Institute’ conducts several researchers to find out effective ways to prevent, diagnose, and treat diseases. To meet the funds required for doing the researchers, the Congress set up the patient-centered outcomes research fee, which is a part of the other health measures passed under the ‘Patient Protection and Affordable Care Act of 2010’. In this blog, we shall discuss more about the fee imposed by the IRS. Continue reading Know More about The Patient-Centered Outcomes Research Fee
Tag Archives: IRS Form 720
Let’s Measure Our Love
Nothing could be rated down than slipping a love-wrapped gift to your better half. You might be in love or in a relationship. May be married even! The timely gift speaks your love for her/him. Romantic time in your life comes often. Let’s make this Feb-14, a little more special. Being well-wisher of truckers, we can simply feel your rough task to roam around the city. How bad it would be missing your loved one. Why can’t you make much outta this day? We know when it comes to money or relationship, you will choose relationship. Yes! Relationships are important too.
If your valentine stays home (Gifts for women):
Do take some little time to know what’s going on her life, when you are away from home. Check out whether she has proper food diet, while she misses you. Realize the efforts she puts in to bring up your children on her own. Know her wishes and take this chance to fulfill them.
Some gift ideas:
- A hand-written letter, closer to her heart.
- Candies & chocolates
- A beautiful dress that she love to wear
- Booking for a relaxing spa or a romantic movie
- Personalized gifts like photo printed Tees, photo frames and coffee cup
- A candle light dinner
We personally don’t believe in gifting flowers or candies to women. Not all the women love flowers. Some may treasure it, while others look for some expensive kinda gift. So open your purse at least now!
These gifts could be attractive. But remember no gift would be greater than your presence.
If your valentine trucks (Gifts for men):
Before you make any plan for this day, just think off how your true love suffers all the time in huge traffic, irritating noise from blowing horns, driving long hours gearing it apt for winter etc., Get to know his pains. Now your mind says, “Let me ease his pain by showering loads of love” And it is valid to plan for the day.
- Present him an all new love-photo of you couples that could make him think of him at anytime he sees that.
- Prepare a special meal on the day. It’s better to bake something he preferably likes.
- If he has to run behind the wheel, then pack those dishes shaping up them in to heart form. In times, it may even end up in the shape of lungs or liver. Doesn’t matter!! Love that counts J
- A music player gift, Old idea but still makes perfect sense. Utility matters
- You might belong to any community. Get your god’s perfect love book, which would not be a trouble to carry along trucking.
God’s perfect love books!
In the mean time, make some ample time love your country too. Pay taxes on time or file an extension to avoid penalties. Happy e-filing!
IRS to Host Public Meeting Dec. 8 on Real-Time Tax System
WASHINGTON –– The Internal Revenue Service will kick off a series of public meetings Thursday, Dec. 8 to gather feedback on how to implement a series of long-term changes to the tax system described by IRS Commissioner Doug Shulman in an April 2011 speech at the National Press Club. In that speech, the Commissioner described a vision where the IRS would move away from the traditional “look back” model of compliance, and instead perform substantially more “real time,” or upfront matching of tax returns when they are first filed with the IRS. The goal of this initiative is to improve the tax filing process by reducing burden for taxpayers and improving overall compliance upfront.
Under the vision of a real-time tax system, the IRS could match information submitted on a tax return with third-party information right up front during processing and could provide the opportunity for taxpayers to fix the tax return before acceptance if it contains data that does not match IRS records
By contrast, today the IRS conducts a significant number of compliance activities months after the tax return has been filed and processed. It is not uncommon for a taxpayer to receive a notice 12 to 18 months after a tax return is filed. This after-the-fact compliance approach can create problems and frustrations for both taxpayers and the IRS.
At the public meetings, IRS officials will solicit feedback and input from outside stakeholders to provide comments and insight. The first meeting will feature representatives of consumer groups, the tax professional community and government representatives. A future public meeting will include, among others, representatives of the employer and payroll community, the software industry, financial institutions and additional government representatives.
The first meeting, scheduled at 9:00 a.m. on Dec. 8, will take place at the IRS Headquarters Building Auditorium, 1111 Constitution Ave., NW, Washington, D.C. Those who would like to attend the meeting should e-mail the IRS atCL.NPL.Communications@irs.gov with the contact information for the attendees or call the IRS at 202-622-3359.
The next public meeting will be held early next year.
Source: www.IRS.gov Issue Number: IR-2011-114
Excise Tax Return Form 720 can be filed electronically!
Form 720, Quarterly Federal Excise Tax Return, is used to report and on excise taxes collected by the business for a variety of products and services. Use Schedule A to show the amount of your total liability for excise taxes for the quarter.
When Must Form 720 Be Filed
The form must be filed quarterly:
1st quarter – April 30
2nd quarter – July 31
3rd Quarter – October 31
4th Quarter – January 31.
Trust Fund Tax
Excise taxes are a trust fund tax, meaning that they are collected by the business and held in trust, then paid to the IRS at specific times. If the full amount of the tax is not submitted when due, a trust fund recovery penalty may be imposed.
A payment voucher is included with Form 720. Include it when you send your payment. Send the form and payment to:
Department of the Treasury
Internal Revenue Service
Is electronic filing of Form 720 required?
Electronic filing of Form 720 is optional for any taxpayer who chooses to e-file. Still IRS recommends e-filing.
How do I choose a transmitter to e-file Form 720 returns?
IRS has posted the contact information of all approved e-file transmitters . You will need to select one to your liking. IRS does not endorse any one provider and cannot make recommendations. All listed providers are approved to submit returns to the IRS electronically.
When can I e-file Forms 720?
IRS is currently accepting electronically-filed Forms 720. Forms can be submitted online 24 hours per day.
Where and how do I access the electronic Form 720 returns?
Taxpayers will be required to submit their electronic Excise Tax forms through an approved transmitter/software developer.
Will it cost anything to e-file Form 720 returns?
Yes. To electronically file Form 720 taxpayers will incur the cost of the provider’s required service fee for online submission.
What are all Excise Tax forms can be filed electronically?
At this point, the Excise forms available for electronic filing are Form 2290, Heavy Highway Vehicle Use Tax, Form 720, Quarterly Federal Excise Tax and Form 8849, Claim for Refund of Excise Taxes (Schedules 1,2,3,5 & 6,8).
How will e-file of Form 720 improve results?
Electronic filing of Form 720 will allow IRS to provide expedited and improved service and reliability to taxpayers while reducing processing time and errors.
www.tax720.com, an online website to file a “Quarterly Federal Excise Tax Return – Form 720”. Businesses and Tax Professionals can now file their quarterly Federal Excise taxes electronically (e-file) or a standard paper return using our product. We support forms 6627, 6197, Schedule C, Schedule T and Schedule A, for both paper and electronic filings.
ThinkTrade, Inc. has a successful proven track record of supporting Heavy Vehicle Use Tax Form 2290 (www.tax2290.com) and Claim for refund of Excise taxes Form 8849 (www.tax8849.com). All of these excise tax filing forms are grouped into a single website at: www.taxexcise.com for your convenience !!
Excise Summary Terminal Activity Reporting System (ExSTARS)
Excise Summary Terminal Activity Reporting System (ExSTARS)
What is ExSTARS?
ExSTARS is a fuel reporting system developed with the cooperation of the IRS, Department of Transportation, States, and Motor Fuel Industry, which details the movement of any liquid product into or out of an IRS approved terminal.
The ExSTARS system requires each terminal operator and bulk carrier to file monthly reports. Reports are filed for each approved terminal with a Terminal Control Number. The Terminal Control Number (TCN)/Terminal Locations Directory contains terminal control numbers and locations for IRS approved terminals.
Who is required to use ExSTARS?
Terminal Operators and Bulk Fuel Carriers (pipeline, vessel and barge operators) are required to file monthly information returns – Fuel Transaction Reports. All receipts and disbursements of liquid products to and from an approved terminal are reportable. If reportable transactions equal or exceed 25 during a monthly reporting period, electronic reporting through ExSTARS is required. Each receipt of liquid product and each disbursement of liquid product constitutes a separate transaction even if it is a single movement of fuel.
Form 720-TO Terminal Operator Report. Form 720-TO is required to be filed by a terminal operator to report monthly receipts and disbursements of all liquid products to and from all approved terminals.
Form 720-CS Carrier Summary Report. Form 720-CS is required to be filed by bulk transport carriers (barges, ships, and pipelines) who receive or deliver products in or out of storage at a terminal, or any other location designated by a facility control number (FCN). Pipelines only file for receipt or delivery transactions at an approved terminal.
Facility Control Number System (FCN)
A facility control number designates a storage location within the motor fuel, or renewable fuel production or the bulk transfer / terminal system. Facilities include refineries (RCN), approved terminals (TCN), biodiesel production facilities (BCN), or ethanol production facilities (ECN). Currently, only TCNs are required to file returns. Information in the RCN directory is required for reporting purposes for carriers. The BCN and ECN numbers will be released at a later date. Information regarding the use of FCNs was made public by an announcement in the Federal Register on April 12, 2010.
When to file?
The report is due the last day of the month following the reporting period. If any due date for filing a return falls on a Saturday, Sunday, or legal holiday, the report maybe filed on the next business day.
How to file?
• Apply to participate in electronic filing using letter(s) of application. Fill-in letters of application are available for Terminal Operator/Carriers and Transmitters.
• Electronic Filing (Electronic Data Interchange) over the Internet
• A test cycle will be used to test the exchange of files between the electronic filer and the IRS prior to submitting production files. These tests will ensure the successful submission of qualifying electronic Form720-TO, and Form 720-CS information returns.
• Paper submission of Form 720-TO and/or 720-CS
Why is filing required?
• Implementation of Treasury Regulation 48.4101-2 requiring “taxable fuel registrants” to provide information reports.
• Match Information Returns against Excise Tax Returns.
The new electronic format will be available for testing beginning in early December 2010.
Please see a summary of these changes for further details.
References/Related Topics
Source: IRS.gov read more.