August 2 is the Deadline for Quarterly Excise Taxpayers
IRS Tax Form 720 — Quarterly Federal Excise Taxes Reporting — Due Now for 2nd Quarter — August 2, 2021 is the Deadline
Some of the best business lessons come from seeing how companies like yours handle the same challenges you face every day. If your business deals in goods and services that are subject to excise tax — like air transportation, fishing equipment or gasoline — then you’ll have to complete IRS Form 720, which must be filed with the IRS on a quarterly basis in order for your business to report and pay your federal excise tax liability. Business is now moving towards electronic filing for Form 720 reporting challenges, receive IRS acknowledgement proof instantly, records keeping easy.
Excise taxes are payable to your local tax authority, the IRS, or the Alcohol and Tobacco Trade Bureau (TTB), depending on the good or activity. Only file Form 720 for IRS-collected excise taxes.
- Environmental taxes for oil spills and ozone-depleting chemicals, petroleum oil spills, imported petroleum products, ozone-depleting chemicals (if you must pay these environmental taxes, you’ll also have to complete IRS Form 6627).
- Communications and air transportation taxes
- Fuel taxes: diesel, kerosene, gasoline, natural gas.
- Retail taxes for trucks, trailers, tractors, and semi-trailer chassis and bodies
- Ship passenger taxes for water transportation
- Foreign insurance taxes
- Manufacturer’s taxes for coal, tires, gas guzzlers, and vaccines
- Patient-centered outcomes research fees
- Sport fishing equipment, including fishing rods, poles, and tackle boxes
- Electric outboard motors, used in boats
- Archery supplies, including bows, quivers, broadheads, points, and arrow shafts
- Indoor tanning services
- Some fuel use
- Floor stocks tax for ozone-depleting chemicals
Electronic filing for Form 720 with the IRS
Essentially, Form 720 needs to be completed by the last day of the first month that follows the end of the prior quarter. E-File is both a general term for filing tax returns online and a specific method for filing taxes. You can e-file Form 720 through the IRS Authorized https://TaxExcise.com. You can also make an additional excise tax payment through the government’s Electronic Federal Tax Payment System (EFTPS).
Affordable and transparent pricing to prepare, report and pay the Quarterly Federal Excise Tax Form 720 with the IRS. $49.99 for a single return, try efile it is as easy as 1–2–3!. Self-service website TaxExcise makes your tax reporting a breeze… For Zero Liability return, it is just $29.99 only.
Talk to us today at 866–245–3918 or write to us at support@TaxExcise.com. Electronic filing is by and large the best way of reporting Quarterly Federal Excise Tax Form 720 returns with the IRS and get the best available resources. The most trusted and top rated website since 2007.
