If you own a business that deals in goods and services subject to federal 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, and in some ways resembles a state sales tax. This Federal Excise Tax is now due for 2nd Quarter of 2018 and just a weeks time to complete it. Try electronic filing at http://TaxExcise.com the only website that supports all Federal Excise Tax online reporting with IRS.
Some of the taxes that are precisely filed only during the 2nd Quarter, like PCORI Fee along with the IRS Tax Form 720…
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The person receiving the payment for goods/services must collect and submit the tax and file the return. Enter the amount of tax collected or considered collected for the quarter. Use Form 720 and attachments to report your liability by type of excise tax you’re liable with and pay the quarterly excise taxes listed on the form. If you report a liability on Part I or Part II, you may be eligible to use Schedule C to claim a credit.
Electronic filing for IRS Tax Form 720:
Quarterly Federal Excise Taxes can be prepared and reported online (electronically) using http://TaxExcise.com an IRS authorized e-file service provider, infact the 1st ever IRS certified website and the only website to support all Excise Tax reporting at one place.
Patient-centered outcomes research fee
The patient-centered outcomes research fee or PCORI fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Generally, references to taxes on Form 720 include this fee.
File Form 720 annually to report and pay the fee on the second quarter Form 720 no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Because the rate used to determine the fee varies from year to year, you should determine the fee using the instructions for the second quarter Form 720.
Indoor Tanning Services Tax
The tax on indoor tanning service is 10% of the amount paid for that service. The tax is paid by the person paying for the indoor tanning service and is collected by the person receiving payment for the indoor tanning services.
The person receiving the payment for indoor tanning services (collector) must collect and remit the tax and file the return. If the tax isn’t collected for any reason, the collector is liable for the tax.
Indoor tanning service means a service employing any electronic product designed to incorporate one or more ultraviolet lamps and intended for the irradiation of an individual by ultraviolet radiation, with wavelengths in air between 200 and 400 nanometers, to induce skin tanning. The term doesn’t include phototherapy service performed by, and on the premises of, a licensed medical professional (such as a dermatologist, psychologist, or registered nurse).
Excise taxes are imposed on all the following fuels.
- Gasoline, including aviation gasoline and gasoline blendstocks.
- Diesel fuel, including dyed diesel fuel.
- Diesel-water fuel emulsion.
- Kerosene, including dyed kerosene and kerosene used in aviation.
- Other Fuels (including alternative fuels).
- Compressed natural gas (CNG).
- Fuels used in commercial transportation on inland waterways.
- Any liquid used in a fractional ownership program aircraft as fuel.
IRS excise tax form comprises of several sections and understanding them makes your tax filing process smooth. Here’s a brief overview of the various sections involved in Part I in IRS Form 720.
Dealers and sellers of; crude oil, imported petroleum products, and ODC’s are subjected to file this excise tax return.
If you’re using local telephone services and teletypewriter exchange service, you’re liable to file this Quarterly Federal Communication Tax.
Air transportation Tax needs to be filed by the Airline Company, providing a consolidated report about the passengers and the property handled through flights. Also, the usage of transportation facilities should be reported in this excise tax form.
This involves the use and sell of diesel, kerosene, gasoline and LNG.
All manufacturers and sellers of highway vehicles such as bus, heavy trucks and truck tractors should file under this category.
The IRS imposes tax on certain ship voyages. This tax is applied annually on the person organizing the voyage.
Foreign issuers issuing policies such as indemnity bonds and casualty insurance are implied.
This IRS excise tax applies to the seller and manufacturers of coal. This tax also involves one-time gas guzzler tax imposed on imported vehicles and vehicles driven by gasoline or diesel fuel with a minimum gross weight of 6,000 lbs.
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