Electronic Filing for Federal Excise Tax Form 720

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, and in some ways resembles a state sales tax. Excise taxes are taxes paid when purchases are made on a […]

Last day to e-File 2nd Quarter Federal Excise Tax Returns

Today, July 31. the last day to report your 2nd Quarter Federal Excise Tax returns using IRS Tax Form 720. The Federal Excise Taxes reported on IRS Tax Form 720, covers excise taxes on goods, services and highway vehicle use. Also included Indoor Tanning Service, PCORI Fee and Gas Guzzler etc. This is a quarterly […]

What is new in Form 720?

Patient-Centered Outcomes Research Fee Increased: (IRS No. 133) Sections 4375 and 4376 patient-centered outcomes research fee increase.   The fee for policy and plan years ending on or after October 1, 2014, but before October 1, 2015, is the applicable rate of $2.08, multiplied by the average number of lives covered under the policy or plan. […]