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.
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)
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.
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