This new year 2018, 1st Quarter is about to go in a flash. IRS reminding its Quarterly Federal Excise Tax filers that Tax Form 720 is due this April 30. Act fast to report your excise taxes collected from the sales you did/ service you rendered / goods you sold.
Federal Excise Tax
IRS excise tax form comprises of several sections and understanding them makes your tax filing process smooth. Here’s a brief overview of the various sections involved in Part I in IRS 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 from the above mentioned excise taxes you can also file:
- Form 6197, Gas Guzzler Tax
- Form 6627, Environmental Taxes
- Indoor Tanning Tax
- Patient-Centered Outcomes Research Fee
- LUST Tax
- Schedule A, T and C claims using Tax Form 720
Electronic filing for Form 720
With taxexcise.com, you can electronically prepare and report all your Federal Excise Tax returns using IRS tax form 720. We’re the only website authorized by the IRS to support all the Excise Tax returns online since 2007. We’re the most experienced and trusted e-File partner for all excise tax reporting businesses.
You can talk to our tax experts to discuss your queries related to tax, security and more, we are just a phone call away, just dial +1 (866) 245 – 3918 or shoot a mail us your questions to email@example.com.