The Quarterly Federal Excise Tax Form 720 deadlines for the 2nd Quarter of 2020 is July 31, 2020 and just couple of more days to go. All the businesses that has collected excise taxes through the services offered or goods sold has to be reported and paid in Form 720 by July 31. Electronic filing can keep your tax deadline straight and on-time. You can do it by yourself in 3 simple steps at http://TaxExcise.com.
Form 720 – Quarterly Federal Excise Tax – 2nd Quarter – July 31 – Deadline!
Federal Excise Tax Form 720 and attachments are to report to the IRS at end of every quarter listing the liabilities and pay the taxes collected. The federal government charges an excise tax on specific types of products and services, which has to be collected and paid to IRS at regular intervals, quarterly.
E-file is the most preferred option of reporting excise taxes with the IRS. However you can also take a print out of the complete Form 720 PDF and file it manually or mail it across to the IRS as specified in the form.
Your business needs to fill out IRS Form 720 if you deal in the goods or services for which excise taxes are due. These products and services can include, but are not limited to: Telephone communications, Air transportation, Gasoline, Passenger ship transportation, Coal, Fishing equipment, Indoor tanning services, Bows and arrows, Tires, Vaccines etc.
- Environmental taxes—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)
- Communication and air transportation taxes—phone service or air transportation
- Fuel taxes—diesel, kerosene, gasoline, natural gas
- Retail tax—trucks, trailers, tractors
- Ship passenger tax
- Foreign insurance taxes—health insurance policies issued by foreign insurers
- Manufacturers taxes—coal, tires, “gas guzzler,” vaccines
- PCORIFee – self-insured health plans and specified health insurance policies used to fund the Patient-Centered Outcomes Research Institute (the PCORI fee)
- Indoor Tanning Service – tanning services offered across tanning salons
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.