Quarterly Federal Excise Tax Return for Q1, 2015

Form 720, Quarterly Federal Excise Tax Return, is used to report and on excise taxes collected by the business for a variety of products and services. Use Schedule A to show the amount of your total liability for excise taxes for the quarter. 2015, 1st Quarter Excise taxes are due this April 30th and e-file using http://www.TaxExcise.com for just $29.99 a return.

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.

  • Environmental Tax:

    Dealers and sellers of; crude oil, imported petroleum products, and ODC’s are subjected to file this excise tax return.

  • Communication Tax:

    If you’re using local telephone services and teletypewriter exchange service, you’re liable to file this Quarterly Federal Communication Tax.

  • Air Transportation 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.

  • Fuel Tax:

    This involves the use and sell of diesel, kerosene, gasoline and LNG.

  • Retail Tax:

    All manufacturers and sellers of highway vehicles such as bus, heavy trucks and truck tractors should file under this category.

  • Ship Passenger Tax:

    The IRS imposes tax on certain ship voyages. This tax is applied annually on the person organizing the voyage.

  • Foreign Insurance Tax:

    Foreign issuers issuing policies such as indemnity bonds and casualty insurance are implied.

  • Manufacturer Tax:

    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.