You know what, Quarterly Federal Excise Tax Can now be filed Online at TaxExcise.com in 3 Simple Steps | Fastest & Safest website at an affordable Price! The most experienced and Top Rated!
October 31 is the deadline for Reporting 3rd Quarter Federal Excise Taxes….
October 31 is the deadline for reporting the 3rd Quarter Federal Excise Tax Returns. Quarterly Federal Excise Tax Form 720 is used for reporting federal excise tax liabilities on certain products (gasoline and fuel) and services (tanning salon and PCORI). These are 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 fuels. Federal Excise Tax Form 720 and attachments are to report to the IRS at end of every quarter listing the liabilities and pay the taxes collected.
Who must file Form 720?
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 or for the current quarter and you haven’t filed a final return.
In other words, if you own a business that deals in goods and services subject to excise tax, you must prepare a Form 720 quarterly to report the tax to the IRS. The federal government charges an excise tax on specific types of products and services, which has to be collected and paid to IRS at regular intervals, quarterly.
E-file is the most preferred option of reporting excise taxes with the IRS. However you can also take a print out of the complete Form 720 PDF and file it manually or mail it across to the IRS as specified in the form.