Tag Archives: Form 720 online

IRS direct deposit leads to faster refunds

IRS Issue Number: IR-2018-90 – Inside This Issue

IRS refers direct deposit as an option for tax payment and this also leads to faster refunds when you owe back… here is more information from the IRS issue. 

WASHINGTON — With the tax deadline just around the corner, the Internal Revenue Service reminds taxpayers that making an electronic direct deposit of their refund into a bank or other account is the fastest way to get their money. A taxpayer can deposit their refund into one, two or even three accounts to help with retirement or savings.

Eight out of 10 taxpayers get their refunds by using direct deposit. It is simple, safe and secure. The IRS uses the same electronic transfer system to deposit tax refunds that is used by other federal agencies to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts. Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable.

Direct deposit is easy to use. A taxpayer simply selects it as the refund method when using tax software or working with a tax preparer, and then types in their account and routing number. It’s important to double check entries to avoid errors. Continue reading

Form 720, Quarterly Excise Tax Return for 4th Quarter of 2017 is due NOW!

Form 720 is a quarterly excise tax return that some; businesses must file with the Internal Revenue Service. According to the IRS, “Excise taxes are taxes paid when purchases are made on a specific goods, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.” If you accrue excise taxes in the course of doing business, you should know the rules on filing 720 taxes.

Who Must File

If, as a business entity, you were liable for any of the federal excise taxes listed by the IRS on Form 720, Parts I and II, you must file the form. The excise taxes included in Part I are such items as petroleum spill taxes and ozone-depleting chemical tax; communications and air transportation taxes; fuel taxes for diesel, kerosene, gasoline, and other gases; coal and tire manufacturing taxes.

In Part II, the IRS enumerates such excise taxes as those related to the sales of sport fishing and archery, inland waterways fuel use taxes and Bio-fuel sold, but not used as fuel. Continue reading

Time to Prepare and File your 2017 4th Quarter IFTA!

 

The deadline to file your 2017’s 4th Quarter IFTA Return is January 31, 2018. A Quarterly IFTA Tax Return must be filed even if the licensee does not operate or purchase any taxable fuel in an IFTA member jurisdiction during the quarter.

 

What you need:

  1. Mileage log-whether you use manual trip sheets, GPS, or electronic trip sheets; it is not only necessary to have in order to file your quarterly IFTA return, but you will need these if you are even audited.
  2. Fuel Receipts-you will need to know how many gallons of fuel were purchased in each state.

 

Options to prepare and file your return:

Continue reading

2017’s Taxes that are due by January 2018!

www.Taxexcise.com / www.Tax2290.com – a product of Think Trade Inc wishes you all a very Happy New Year. A fresh new year is once again upon us. It’s the time to be thankful for the blessings of the past year and to take stock of all our achievements. At the same time, New Year 2017 is a brand new year to start afresh, to start strong, and yet another chance to do everything we want to do this year.

Hope you all had a great holiday season; it’s now time to get back to business & take care of the last obligations of 2017. Though Fiscal year 2017 has ended there are few Taxes of 2017 that are due this month i.e. January 2018. Below are the list of Tax Forms that are due by January 2018 & those are supported by www.Taxexcise.com / www.Tax2290.com – a Product of Think trade Inc. Continue reading

FAQ’s on Patient-Centered Outcomes Research Trust Fund Fee

The-PCORI-Fee-ExplainedNew research trust fund fees are due this July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using IRS Tax Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter (in EFTPS, select Q2 for the Quarter under Tax Period on the “Business Tax Payment” page). This PCORI Fee can be prepared and reported online at http://www.TaxExcise.com, let us see what is this tax/fee allabout and few additional information on it.

Q1. What is the Patient-Centered Outcomes Research Trust Fund fee?

The Patient-Centered Outcomes Research Trust Fund fee is a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans that helps to fund the Patient-Centered Outcomes Research Institute (PCORI). The institute will assist, through research, patients, clinicians, purchasers and policy-makers, in making informed health decisions by advancing the quality and relevance of evidence-based medicine. The institute will compile and distribute comparative clinical effectiveness research findings. Continue reading