Are you unsure if you need to file Form 720 and pay the excise tax? We’ve come to inform you just that. If you own a company and sell goods and services that are listed on Form 720, The fee, on the other hand, is found in the items that consumers buy, such as fuel for your vehicle or plane tickets. Businesses that deal with these goods and services are responsible for paying the bill. Excise tax is paid on a quarterly basis, and the first installment is due by the end of this month, so you must pay taxes on or before April 30, 2021. This is a reminder to excise taxpayers to log in and efile form 720 (Excise Tax) and report their returns electronically on www.TaxExcise.com as quickly as possible.
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.
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.
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.
