2016 1st quarter Excise Tax filings

The excise tax returns for 1st Quarter in 2016 is due now and has to be reported on or before April 30th, 2016. Federal Excise Tax returns can be reported online through http://TaxExcise.com an IRS authorized e-file provider for all the excise tax forms.

The Excise Tax e-File project was initiated to satisfy the IRS’ requirement to provide electronic filing of Form 2290, Heavy Highway Vehicle Use Tax Return, as directed in the American Jobs Creation Act (October 2004). At that time, Excise Tax e-File & Compliance (ETEC) Programs (Form 720, 2290 and 8849) joined the ever-growing-number of tax forms and schedules that can be electronically filed, providing taxpayers the speed and reliability that millions of taxpayers and business owners already enjoy.

Excise taxes can be prepared and reported online through @taxexcise, following taxes are usually reported in Form 720:

  • Environmental Tax:
    Dealers and sellers of; crude oil, imported petroleum products, and ODC’s are subjected to file this excise tax return.
  • Communication Tax:
    If you’re using local telephone services and teletypewriter exchange service, you’re liable to file this Quarterly Federal Communication Tax.
  • Air Transportation Tax:
    Air transportation Tax needs to be filed by the Airline Company, providing a consolidated report about the passengers and the property handled through flights. Also, the usage of transportation facilities should be reported in this excise tax form.
  • Fuel Tax:
    This involves the use and sell of diesel, kerosene, gasoline and LNG.
  • Retail Tax:
    All manufacturers and sellers of highway vehicles such as bus, heavy trucks and truck tractors should file under this category.
  • Ship Passenger Tax:
    The IRS imposes tax on certain ship voyages. This tax is applied annually on the person organizing the voyage.
  • Foreign Insurance Tax:
    Foreign issuers issuing policies such as indemnity bonds and casualty insurance are implied.
  • Manufacturer Tax:
    This IRS excise tax applies to the seller and manufacturers of coal. This tax also involves one-time gas guzzler tax imposed on imported vehicles and vehicles driven by gasoline or diesel fuel with a minimum gross weight of 6,000 lbs.

Apart for the above list there are other taxes that are reported in the Form 720 are;

  • LUST Tax
  • Indoor Tanning Tax
  • Schedule A, T and C in Form 720
  • Patient-Centered Outcomes Research Fee
  • Medical devices excise tax

Preparing your 720 Excise Tax return online is simple, easy and time saving call us and talk to our tax experts in (866) 245 – 3918 or write to us at support@taxexcise.com we shall connect with you for instant support. Thanks.