July 31 Deadline for 2nd Quarter Federal Excise Tax Returns time to know the penalties and interest rates

The federal excise tax returns reported on IRS Tax Form 720 is now due for the 2nd Quarter of 2019, this July 31. You just have couple of days left to have this reported and paid, never wait further or you might end up paying more than the tax amount.

Enough talked about the Federal Excise Tax reporting, this is the time to know what it would be the penalties and interest rated for missing the filing and paying deadline. With taxexcise.com, you can sit back and relax; we’re protected with Thawte SSL certificate, a leading Global Certificate Authority and McAfee Secure, making sure to serve you with the best and the secured website to file your return online.

Also, we always tell our customers to check if the site they’re filing with is secured and IRS certified because as the technology is moving rapidly, number of frauds are increasing. You can talk to our tax experts to discuss your queries related to tax, security and more, we are just a phone call away, just dial +1 (866) 245 – 3918 or shoot a mail-to support@taxexcise.com

Excise Tax Penalties & Interest

Business that file federal excise tax returns late and/or pay the tax after the deadline (July 31 for 2nd Quarter) may be subject to penalties and interest. The IRS penalize businesses for failing to register, for failing to file, and for failing to pay. The government also charges interest on late tax payments.

Excise tax penalties and interest rates include:

  • Failure to File Penalty: 5% of the tax not paid for each month or part of a month that the return is late. Maximum late filing penalty is 25%.
  • Failure to Pay Penalty: One-half of 1% of unpaid taxes for each month or part of a month after the due date that the tax is not paid. Maximum late payment penalty is 25%.
  • Failure to Deposit Penalty: This penalty ranges from 2% to 15% of the underpayment, depending on the number of days a deposit is late.
  • Trust Fund Recovery Penalty: 100% of the unpaid tax. Potentially applies to businesses that willfully fail to collect or to pay the taxes for telephone service, air transportation, and indoor tanning salon services.
  • Interest: Interest compounds daily on unpaid tax and penalties. Interest rates are determined by the IRS quarterly. For the first quarter 2019, the interest rate is 6%.

Note: If a penalty for failure to file and a penalty for failure to pay both apply for the same month, the amount of the penalty for failure to file for that month is reduced by the amount of the penalty for failure to pay tax shown on a return.

Why confusion, start eFiling your Federal Excise Tax returns for the 2nd Quarter of 2019 here at TaxExcise.com and slide through an easy and straight forward electronic filing process to keep yourself tax compliance. July 31 is the last date and you just have couple of days to get it reported and paid with the IRS. TaxExcise.com is the best and fastest website to get it done in minutes… Start with your return here and talk to our Support Desk for assistance at 866 – 245 – 3918 or write to us at support@taxexcise.com, we are also available in LIVE chat for instant help.

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