Category Archives: Form 720

Today is the Deadline to file Pro-rated Form 2290 and 3rd Qtr IFTA tax returns, E-file Now!

We have an important message about your Form 2290 tax returns, today is the deadline to file Form 2290 HVUT tax return for vehicles first used since September 2020. So if you bought a new truck and put it in service in the month of September 2020 but haven’t filed your Form 2290 tax return yet, you must prepare and file it by today, November 2nd, 2020

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An overview of excise tax by the Internal Revenue Service

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of

  • Import
  • Sale by the manufacturer
  • Sale by the retailer
  • Use by the manufacturer or consumer

Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. They may pass the cost of the excise tax on to the buyer. 

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Form 2290 Renewal for TY 2020 & IFTA for Q2 of 2020 Due Now!!

In an era when smartphones and tablets have taken over, filing tax returns through paper is slowly going extinct and completing tax returns online is the need of the hour as it is easier, precise and efficient. The less complicated your tax return is, the more rudimentary is the preparation for it.

The slight panicky feeling that happens when deadlines approach and start to accumulate is every tax payer’s worst nightmare. These tax deadlines happen once every year or every quarter and failure to address them results in penalties and interest from Uncle Sam.

It’s time now to put on your thinking hat and have these tax returns completed in order to stay compliant with the IRS. A Few Tax forms that are Due this month would namely be:-

  • Form 2290: The Federal Excise Tax Form 2290 also known as Heavy Vehicle Use Tax (HVUT) is due for renewal for the current 2020 tax year. And the deadline to report any new Vehicles first used in the month of June is due by July31st.
  • IFTA: International Fuel Tax Agreement is due by July 31st for the second quarter of 2020.
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Stay Compliant! Form 2290 for Vehicles First Used in March Due by April 30.

TaxExcise.com is the First IRS Authorised E-file service provider and has been helping businesses and owner operators since 2007 to file and complete tax returns online. Being in business for over a decade and having processed millions of returns we have gained vast experience and knowledge that has allowed us to tackle any fluctuation and unprecedented market changes. Being a trucker essentially means being prepared to expect the unexpected, in this time of crisis with the trucking industry spearheading the fight against COVID-19 as the forefront of transport and supply of essentials we would like to keep you reminded to stay compliant with IRS HVUT form 2290.

The Heavy Highway Vehicle Use Tax Form 2290 is used by truckers as part of their federal tax return. Any vehicle used on federal or state highways with a combined gross weight of over 55,000 lbs has to be reported on Form 2290 and this must be filed every year by the last day of the month following the month of first use. The deadline to have vehicles that were first used or began operations in the month of March is due by April 30th.

With just a handful of currently active e-file providers, we have developed a business continuity plan to stay responsive, this allows us to provide the best customer service and have questions answered in a fast and efficient manner. As we have always thrived to stand out by being the best in line for customer support, we have enabled access to a three-way line of communication, you can speak to us on our toll-free number @ 866-245-3918 or write us an email to support@taxexcise.com to have question answered at your fingertips do try out our LIVE CHAT option available on our user-friendly website.

Stay Safe, Stay Strong, we are in this together.

Form 720 for the First Quarter of 2020 due by April 30.

Form 720 is filed by businesses that deal with the sale of certain goods and services. These businesses are required to pay extra taxes, known as “Excise Taxes”. This Federal excise tax has four quarters for a calendar year and the deadline for each quarter is last day of the following month i.e, by April 30 for the first quarter, by July 31 for the second quarter, by October 31 for the third quarter and by January 31 for the final quarter. The first quarter of 2020 (for the months Jan, Feb and Mar) is due by April 30.  And Even if you are not liable for excise taxes during any of the quarters of the year, you must send in Form 720 according to the due dates.

Due to the ongoing situation many businesses and essential services are closed and do not have any Excise tax to report. Though they have no sale to report they will still need to file out a Form 720 by reporting a Zero Return (Zero Tax Liability).

A zero return substantially means that no sale or business operations were conducted during that quarter. And Having Form 720 completed essentially allows the business to stay compliant with the existing norms and guidelines listed by the IRS.

Away from your desk, currently working from home, and is the tax deadline crunch getting to you, Look No Further !!

To ensure we are able to provide you with the best customer service, our tax experts are at your disposal for any Federal tax-related questions. Feel reach us on our toll-free number @ 866-245-3918 or drop us an email to support@taxexcise.com do also try out our LIVE CHAT option available on the website. We’re available on all Business days between 9:00 AM to 6:00 PM Central Time. Thank you for your support.

Note: The IRS offices might not be at your reach, but they’re fully operational to support E-filing and all the returns filed through our website are being processed by the IRS within minutes.

Stay Safe!