Nov. 2nd Last Day for 3rd Quarter Excise Tax Reporting.

The federal excise tax for 3rd quarter of 2015 falls due by November 2nd and make sure your return reached IRS on or before the due date to avoid IRS audit and late filing charges. You have the option to file Form 720, Quarterly Federal Excise Tax returns online through www.TaxExcise.com, IRS authorized e-file provider since 2007 and rated #1 by the Excise Tax payers across the US.

Federal Excise Tax

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. One of the major components of the excise program is motor fuel.

Excise Taxes are reported on the following services;

Part 1:

  • Environmental Taxes
  • Communications Taxes
  • Air Transportation Taxes
  • Communications and Air Transportation Taxes—Uncollected Tax Report
  • Fuel Taxes
  • Retail Tax
  • Ship Passenger Tax
  • Other Excise Tax
  • Foreign Insurance Taxes
  • Manufacturers Taxes

Part 2:

  • Specified health insurance policies.
  • Applicable self-insured health plans.
  • Indoor Tanning Services Tax
  • Other Part II Taxes
  • Floor Stocks Tax

You must file Form 720 if:

You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter and you have not filed a final return; or

You are liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for the current quarter.

Online Form 720 : www.TaxExcise.com

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