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 to this tax.

3. Medical device excise tax.

A 2.3% (.023) excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device now applies to sales of taxable medical devices after December 31, 2012.

4. Exported gasoline blendstocks.

Claims for exported gasoline blendstocks taxed at $.001 per gallon are made on Schedule C, line 15b. Continue to use line 1b to make claims for exported gasoline blendstocks taxed at $.184 per gallon.

5. Electronic filing.

You can electronically file Form 720 through the most trusted, experienced and secured e-file transmitter, www.TaxExcise.com participating in the IRS e-file program for excise taxes since 2007.

For more information on e-file , visit the IRS website at www.irs.gov/efile or call us at +1(866) 245 – 3918

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