Tag Archives: Tax Form 720 eFile

Second quarter sporting goods excise tax filing deadline extended

The IRS released a notice (Notice 2020-48) automatically extending the due date for excise tax returns reporting federal sporting goods excise taxes until Oct. 31, 2020 for returns that are generally due July 31. Further, the period from Aug. 1 through Oct. 31 will be disregarded for purposes of calculating any penalties or interest for the second quarter returns that are not paid by Oct. 31. The penalties and fees will begin to accrue on Nov. 1, 2020 if the taxes are not paid or the returns are not filed.

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