Federal Excise tax is referred to indirect type of taxation imposed on the manufacture, sale or usage of certain type of goods and products. However, excise taxes are included in the price of the product, such as cigarettes or alcohol, also included in the price of an activity, often gambling. They are imposed by both the federal and state authorities.
You are liable to file Form 720, the federal excise taxes every quarter when you offer a service, sell a product or goods that has an excise tax component. The Excise taxes are due for every quarter in a year and the below table clearly indicates the actual due date. For 2nd Quarter it is due Today – July 31, report it online at TaxExcise.com.
The Patient-Centered Outcomes Research Trust Fund fee is a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans that helps to fund the Patient-Centered Outcomes Research Institute (PCORI). The institute will assist, through research, patients, clinicians, purchasers and policy-makers, in making informed health decisions by advancing the quality and relevance of evidence-based medicine. The institute will compile and distribute comparative clinical effectiveness research findings.
The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter. Issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans will file annually Form 720, Quarterly Federal Excise Tax Return, to report and pay the PCORI fee. The Form 720 will be due on July 31 of the year following the last day of the policy year or plan year.
Indoor Tanning Services Tax
Many businesses offering indoor tanning services are required to collect a 10 percent excise tax on the indoor tanning services they provide. The provider must pay the excise tax to the government, quarterly, while reporting IRS Form 720, Quarterly Federal Excise Tax Return. The following information is designed to help indoor tanning services providers understand how to collect, file and pay the tax.