Filing Form 720

Use Form 720 to report and pay the excise taxes previously discussed in this publication. File Form 720 for each calendar quarter until you file a final Form 720. For information on filing Form 720 electronically, visit the IRS e-file website at www.irs.gov/efile. You may also use www.TaxExcise.com to efile Form 720 and get acknowledgement […]

Retail Tax on Heavy Trucks, Trailers, and Tractors

A tax of 12% of the sales price is imposed on the first retail sale of the following articles, including related parts and accessories sold on or in connection with, or with the sale of, the articles. Truck chassis and bodies. Truck trailer and semitrailer chassis and bodies. Tractors of the kind chiefly used for […]

Communications Excise Taxes

Excise Taxes on Communication Service is reported using the Form 720. A 3% tax is imposed on amounts paid for local telephone service and teletypewriter exchange service. Local telephone service. ¬†¬†This includes access to a local telephone system and the privilege of telephonic quality communication with most people who are part of the system. Local […]

Air Transportation Excise Taxes

Excise taxes are imposed on amounts paid for certain facilities and services. If you receive any payment on which tax is imposed, you are required to collect the tax, file returns, and pay the tax over to the government. If you fail to collect and pay over the taxes, you may be liable for the […]

Environmental Excise Taxes

Environmental taxes are imposed on crude oil and petroleum products (oil spill liability), the sale or use of ozone-depleting chemicals (ODCs), and imported products containing or manufactured with ODCs. In addition, a floor stocks tax is imposed on ODCs held on January 1 by any person (other than the manufacturer or importer of the ODCs) […]

Registration Requirements for Form 720

The Form 720 excise tax returns are due the last day of the month following the month in which the transaction occurs. Generally, these returns can be filed on paper or electronically. IRS encourages to use electronic method as it is Simple, Safe and Secured. Registration Requirements for Form 720: The following discussion applies to […]

Excise Tax on Indoor Tanning Services Frequently Asked Questions

What is taxable indoor tanning service? A. Taxable indoor tanning service means a service employing any electronic product designed to incorporate one or more ultraviolet lamps intended for the irradiation of an individual by ultraviolet radiation, with wavelengths in air between 200 and 400 nanometers, to induce skin tanning. What are the requirements for keeping […]

Excise Taxes on Fuels and Fuel Tax Credits and Refunds

Excise taxes are taxes paid when purchases are made on a specific good, 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. Excise Tax has several general excise tax programs. One of the […]

Medical Device Excise Tax

The medical device excise tax applies to manufacturers and importers and generally does not apply to individual consumers. The medical device excise tax is reported on Form 720, Quarterly Federal Excise Tax Return. Payment is due with the return. The first quarterly return for the medical device excise tax is due April 30, 2013, for […]

Indoor Tanning Service Providers Must File a Federal Excise Tax Return

IRS Form 720 can be used to report an excise taxes on Indoor Tanning Service, Taxable indoor tanning service means a service employing any electronic product designed to incorporate one or more ultraviolet lamps intended for the irradiation of an individual by ultraviolet radiation, with wavelengths in air between 200 and 400 nanometers, to induce […]