Every business that deals with services or goods that has excise taxes included on it have to complete the IRS Tax Form 720 to pay the Quarterly Federal Excise Tax returns. As the name refers this Excise Taxes are reported quarterly and the taxes are collected mostly from the buys by the businesses and paid to the IRS.
Excise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing. Make your move and join millions of taxpayers enjoying the convenience and ease of online filing, immediate acknowledgement of receipt and faster service. TaxExcise.com is the first of its kind product that support electronic filing for all the Federal Excise Taxes at one place.
Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights.
Here’s what taxpayers in the process of an audit, should know about their right to finality:
Taxpayers have the right to know:
The maximum amount of time they have to challenge the IRS’s position.
The maximum amount of time the IRS has to audit a particular tax year or collect a tax debt.
My son’s close friend and future business partner ended their relationship when he recently took his own life. They had been buddies for many years and were both passionate about working on their cars together. They were in the early stages of forming a partnership to build a shop to diagnose and fix automotive issues. My son was devasted. Andrew was only 29.
A few days later a good friend of mine lost his young son to suicide. Patrick was a former Marine who had served for five years. When he ended his life, he was employed as a truck driver at the same carrier with his dad. What can you say to someone who is burying a 24-year-old child?
Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible.
The one-year extension gives eligible farmers and ranchers until the end of the tax year after the first drought-free year to replace the sold livestock.
The farmer or rancher must be in an applicable region. An applicable region is a county designated as eligible for federal assistance, as well as counties contiguous to that county.
The farmer’s county, parish, city or district included in the applicable region must be listed as suffering exceptional, extreme or severe drought conditions by the National Drought Mitigation Center. All or part of 36 states and one U.S. territory are listed. The list of applicable regions is in Notice 2021-55 on IRS.gov.