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, 2020Continue reading
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
- 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.Continue reading