Federal Excise Taxes are taxes paid when purchases are made on a specific good, such as gasoline. This excise taxes are often included in the price of the product and collected from the buyer and paid at end of every quarter with the IRS. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel, offering services like indoor tanning services, PCORI etc.
1st Quarter Federal Excise Tax Due on April 30
The first quarter federal excise taxes that a business has collected will consolidate it in the IRS Tax Form 720, and report it with the IRS by end of a quarter and pay, it is due this April 30.