What to include on Form 720

There is an extensive list of goods and services that the federal government collects excise taxes on. Some of the more common products and services subject to the excise tax include a surcharge on indoor tanning, the gasoline you pump into your car, airline tickets and an array of coal products. Since the cost of […]

Reminders for Form 720!

1. IRS Form 720 is Due This April for 1st Quarter 2014 Excise Tax reporting 2. Tax on seasonal flu vaccines. Sales of all vaccines against seasonal influenza are now subject to the section 4131 excise tax at the existing rate of $.75 per dose of taxable vaccine. Previously, only trivalent influenza vaccines were subject […]

2014 1st quarter Federal Excise Taxes are Due this APRIL

IRS Tax Form 720 to prepare and report the Federal Excise Taxes collected for the 1st Quarter of 2014 has to be reported to the IRS in this April. The Federal or the Congress apply an Excise Tax on the certain type of Products and Services. Businesses that deal in goods and service that are […]

Other Items Related To Form 720

¬†Form 720-CS, Carrier Summary Report Bulk transport carriers file this form to report monthly receipts and disbursements of all liquid products at a storage location designated by a facility control number (FCN). Form 720-TO, Terminal Operator Report Terminal operators file this form to report monthly receipts and disbursements of all liquid products to and from […]