The Patient-Centered Outcomes Research Trust Fund Fee

The Patient-Centered Outcomes Research Trust Fund Fee: PCORTF fee will be collected by the IRS for the first time on July 31,  2013. All questions about this fee should be referred to the Internal Revenue Service. PCORI is funded through the Patient-Centered Outcomes Research Trust Fund (PCORTF), which was authorized by Congress as part of […]

Patient-Centered Outcomes Research Institute Fee Calculation

Calculating the Fee Specified Health Insurance Policies For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1.00, multiplied by the average number of lives covered under the policy for that policy year.  Generally, issuers of specified health insurance policies must use one of the following […]

Patient-Centered Outcomes Research Institute Fee

Register with TaxExcise.com now supports reporting Patient-Centered Outcomes Research Fee online! Patient-Centered Outcomes Research Institute Fee The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported annually on the second […]

Patient-Centered Outcomes Research Fee

Good News is that TaxExcise.com now supports reporting Patient-Centered Outcomes Research Fee online! 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, paid through the Electronic Federal Tax Payment System […]

Reminders for Form 720

IRS Form 720, Quarterly Federal Excise Taxes are due by July 31, for the 2nd Quarter. Here are some reminders before you start efiling your Form 720. Medical device excise tax. The Affordable Care Act (Public Law 111-148, amended by Public Law 111-152), imposes a 2.3% (.023) excise tax on the sale of certain medical […]

What is new in Form 720?

IRS tax Form 720 is used to prepare and report Quarterly Federal Excise Taxes. IRS has recently brought in some new changes to the Form 720 and released a new PDF on April 2013, for the 2nd Quarter Filings. Patient-centered outcomes research fee. The Affordable Care Act (Public Law 111-148, amended by Public Law 111-152), […]

Efile IRS Tax Form 720

Efile IRS Tax Form 720 to report Quarterly Federal Excise Taxes and get IRS acknowledgement in just minutes. Efile is Simple, Save and Secured with TaxExcise.com. Try for FREE and pay only to print or efile. Call us at +1 (866) 245 – 3918 and talk to out Tax Analysts or simple write to us […]

What is IRS Form 720?

The federal government charges an excise tax on specific types of products and services, and in some ways resembles a state sales tax. However, you may not be aware you’re paying this tax since it’s usually included in the price of goods, such as the gasoline you purchase for your car. Businesses that deal in […]

Form 720 Penalties and Interests

Federal taxes has to be paid on time to keep IRS audit and penalties away, usually tax returns are ready to file before the due but in some cases we may be waiting for some papers or receipts at that we can pay a estimated amount as tax and pay the remaining liabilities as soon […]

Payment of Form 720 Taxes

Generally, semimonthly deposits of excise taxes are required. A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). However, no deposit is required for the situations listed below; the taxes are payable with Form 720. The […]

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 […]