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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.
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.
Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when dealing with the IRS.
The IRS Independent Office of Appeals handles a taxpayer’s case must be separate from the IRS office that initially reviewed that case. Generally, this office will not discuss a case with the IRS to the extent that those communications appear to compromise the independence of Appeals.Continue reading →
The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts.
Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of the following three agencies:
The IRS in the latest Issue Number: IR-2021-185 highlight the New mailing address for some Western states as Fresno, California, paper tax return processing center closes.
WASHINGTON –The Internal Revenue Service will close its paper return processing center in Fresno, California, permanently at the end of September this year. Originally announced in 2016, this closure is part of a larger, ongoing efficiency strategy as most taxpayers now file electronically.
Take a closer look at how pandemic-related issues are still causing the IRS to experience record levels of activity that affect operations and how, despite that, the agency is making progress and serving taxpayers.
By Chuck Rettig
CL-21-26, September 14, 2021
The IRS plays an important role in serving our country. We interact with more Americans than any other U.S. government agency – virtually every individual and business in the country. We process 96 percent of the funding for our nation’s vital programs, but our agency and our people have had to really step up in the past year and a half to provide even more support to Americans in need. And just like businesses and other agencies around the country, we had to pause or modify some operations during the pandemic until we had safe and secure remote options in place to enable our employees to perform their work and serve taxpayers. I am extremely proud of the dedication of our workforce toward helping American taxpayers fulfill their tax responsibilities and resolve tax issues while they dealt with the COVID-19 situation.
Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.
Here are some tips for new entrepreneurs:
Choose a business structure.
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:
Sole proprietorship: An unincorporated business owned by an individual. There’s no distinction between the taxpayer and their business.
Partnership: An unincorporated business with ownership shared between two or more people.
Corporation: Also known as a C corporation. It’s a separate entity owned by shareholders.
S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
WASHINGTON — Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS has also provided relief to Ida victims in Louisiana, Mississippi, New Jersey and New York.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, this includes Bucks, Chester, Delaware, Montgomery, Philadelphia and York counties, but taxpayers in Ida-impacted localities in other parts of Pennsylvania, subsequently designated by FEMA, will automatically receive the same filing and payment relief. The current list of eligible localities is available on the disaster relief page on IRS.gov.
IRS in there latest release (Issue Number:IR-2021-184) covers about the tax credit help for employers.
WASHINGTON – With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.
During National Small Business Week, the IRS is highlighting tax benefits and resources designed to help new and existing small businesses. For any business now hiring, the Work Opportunity Tax Credit (WOTC) may help.