Form 720 is a quarterly excise tax return that some; businesses must file with the Internal Revenue Service. According to the IRS, “Excise taxes are taxes paid when purchases are made on a specific goods, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.” If you accrue excise taxes in the course of doing business, you should know the rules on filing 720 taxes.
Greetings from Taxexcise.com, we are proud to share some good moments with our fan followers online. Despite of having tedious schedules, you take out time to read and acknowledge our blogs, we really do appreciate that. Today, we would throw light on Form 720, Quarterly Excise Tax Return. According to IRS, Excise Taxes are paid when the purchaser buy goods like gasoline. These excise taxes are included in the price of the product, and chargeable on activities like wagering or on highway usage by trucks. Make a note, if you accrue excise taxes in the course of doing business; you should be well aware of the rules on filing form 720 excise tax. Continue reading All You Need To Know About Form 720