In a simple text, Federal Excise Taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco. An excise tax is an indirect tax that is not paid by the customers directly — instead, the IRS imposes excise tax on the supplier or the producer, who then includes it in the product price. So this is a Quarterly tax reported and paid by end of every quarter, it is time for the 3rd quarter filing and October 31 is the last date to report and pay the Federal Excise Taxes with the IRS.
If you run a business that’s required to collect excise taxes, it’s your responsibility to collect the tax from the customer and pay it to the government every quarter. To do that, business owners must file Form 720, Quarterly Federal Excise Tax Return which lists the various types of excise taxes. In the form, business owners must list the types of taxes that they’ve collected and reported it to the government.
Electronic Filing for Form 720 Reporting
The Federal Excise Tax Form 720 can be prepared and reported online with the IRS in simple and easy steps at http://TaxExcise.com an IRS authorized eFile service provider. IRS alerts all Excise Taxpayer to use electronic filing as it saves a lot of processing time and quick acknowledge. E-filing has manifold benefits which have made this system of tax preparation increasingly popular in recent years; the taxpayer can file a tax return from the comfort of his or her home, at any convenient time. With eFile at http://TaxExcise.com taxpayer also has the option of filing the return himself not require to hire the services of tax professionals to do excise taxes.
One great benefit of Federal Excise Tax efiling is that the tax filer receives a confirmation or rejection notice within 24 hours of transmitting the electronic documents. The confirmation is proof that the documents have been received and is in the process, while the rejection is notice to the taxpayer that his or her return has not been accepted by the IRS. The rejection notice will include information on what needs to be corrected on the return so that it is acceptable.
Convenient and Simple website to file federal excise tax returns is now ready to serve with the best in class electronic filing for Form 720, talk to us at 866 245 3918 or write to us at firstname.lastname@example.org.