IRS Form 720 is used to report Federal Excise Taxes for every quarter. IRS encourage every excise tax payers to utilize the online filing facilities to prepare and report the Quarterly Federal Excise Tax returns. The Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline, Diesel etc. 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 major components of the excise program is motor fuel.
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