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.
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The Quarterly Federal Excise Tax Form 720 deadlines for the 2nd Quarter of 2020 is July 31, 2020 and just couple of more days to go. All the businesses that has collected excise taxes through the services offered or goods sold has to be reported and paid in Form 720 by July 31. Electronic filing can keep your tax deadline straight and on-time. You can do it by yourself in 3 simple steps at http://TaxExcise.com.
TaxExcise.com electronic filing enables you to meet excise tax compliance effortlessly with its features, error free filing is very much possible. with eFiling. For small businesses electronic filing is much handy then working with a tax accountant. Excise taxes can be prepared and reported by yourself in 3 simple steps. Just complete the information that is probed and you’re done in few minutes. Get tax calculated right, as we update the tax rates regularly when there is a new update from the IRS.
Electronic filing saves time and get it done with the help of our tax experts waiting to answer and help you through the efiling process. It won’t take much time for you to have your Federal Excise Tax returns processed by the IRS and to receive the acknowledgement in mail. The earlier you efile you get more time to work with your return if it requires an amendment or resubmission in case of rejections.
PCORI Fee in Form 720 – July 31 Due Date
New research trust fund fees are due July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment can also be paid through the Electronic Federal Tax Payment System (EFTPS) if you already have an account established.
The PCORI fee initially applied to specified health insurance policies and applicable self-insured health plans with policy or plan years ending after September 30, 2012, and before October 1, 2019; however, in December 2019 the fee was extended for an additional 10 years under the Further Consolidated Appropriations Act, 2020 (H.R. 1865) and now applies through plan years ending before October 1, 2029.
The IRS provides self-insured employers with transition relief for calculating the average number of plan enrollees, which the IRS refers to as covered lives—employees, spouses and dependents covered by the health plan. Payment due on any given July 31 covers the plan year that ended in the preceding calendar year, so the fee payable by July 31, 2020, is for plan years ending in 2019.
Electronic filing with TaxExcise.com
The due date is around the corner and you have limited time to do a paper return. Electronic filing can be strategically the best way to report and pay the Federal Excise Taxes with the IRS. Taxpayers should file on time, even if they can’t pay the full amount due. Then, they should pay the rest as soon as they can. Remember, the sooner paid, the less owed. The Internal Revenue Service reminds taxpayers about the importance of timely filing and paying their taxes, and that there are several options available to help people having trouble paying.
TaxExcise.com is an IRS authorized eFile service provider and help you to complete this Excise Tax returns electronically. The only website to efile the tax form 720, no need to have any software or tools to download, just plug into an internet connect and start efiling with TaxExcise. Talk to us today at (866) 245 – 3918 or write to us at email@example.com.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides an excise tax holiday that suspends certain aviation excise taxes. The excise tax holiday began on March 28, 2020 and will end on December 31, 2020.
During the excise tax holiday, no tax is imposed on kerosene used in commercial aviation, and normally taxed pursuant to I.R.C. §§ 4041(c) or 4081. The CARES Act applies only to kerosene used in commercial aviation during the excise tax holiday, rather than the sale or removal of kerosene during the excise tax holiday.
The excise tax holiday also applies to the taxes normally imposed on amounts paid for the transportation of persons and property by air under I.R.C. §§ 4261 and 4271.