Form 720 is a quarterly excise tax return that some, but not all, businesses must file with the Internal Revenue Service. According to the IRS, “Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.” If you accrue excise taxes in the course of doing business, you should know the rules on filing 720 taxes. Continue reading
10-PERCENT EXCISE TAX FOR INDOOR TANNING SERVICES
IF YOUR BUSINESS OFFERS ULTRAVIOLET TANNING SERVICES… WE HAVE A REMINDER FOR YOU.
THE FIRST QUARTERLY PAYMENT FOR THE NEW 10-PERCENT EXCISE TAX FOR INDOOR TANNING SERVICES IS DUE NOVEMBER 1ST.
THIS IS BECAUSE OF A NEW LAW THAT WENT INTO EFFECT JULY 1ST, 2010
NOW… THERE IS A LIMITED EXCEPTION FOR CERTAIN QUALIFIED PHYSICAL FITNESS FACILITIES THAT OFFER INDOOR TANNING SERVICES.
THE TAX DOES NOT HAVE TO BE PAID ON MEMBERSHIP FEES TO QUALIFIED PHYSICAL FITNESS FACILITIES THAT OFFER INDOOR TANNING SERVICES AS AN INCIDENTAL SERVICE TO MEMBERS… PROVIDED THE FACILITY DOESN’T SELL TANNING SERVICES TO THE GENERAL PUBLIC. Continue reading
Excise Tax Form 720 – Quarterly Federal Excise Tax reporting.
In the United States, it is mandatory that Individuals and companies doing business need to file taxes with the Federal Government. Based on the circumstance of the company or taxpayer there are a multiplicity of forms available for filing tax. Another way Form 720 is Quarterly Federal Excise Tax Return.
What is the purpose for filing IRS Form 720?
IRS form 720 is utilized to file and disburse excise taxes due on a quarterly basis in order to keep liabilities well under control. Depending on their business model, select companies are requisite to pay excise tax to the federal government. Businesses involving trade of gasoline or tobacco or in services including indoor tanning are required by law to file an excise tax return. Continue reading
Dual Registration and reporting 2290
If a taxable vehicle is registered in the name of both the owner and another person, the owner is liable for the tax. This rule also applies to dual registration of a leased vehicle.
Dealers
Any vehicle operated under a dealer’s tag, license, or permit is considered registered in the name of the dealer. Continue reading
IRS Reminds Paid Tax Preparers to Register Now for PTINs
WASHINGTON — As year end approaches, the Internal Revenue Service today strongly encouraged paid tax return preparers to register now for their new or renewed Preparer Tax Identification Numbers (PTINs) to avoid any last-minute rush.
Starting Jan. 1, 2011, use of the PTIN will be mandatory on all federal tax returns and claims for refund prepared by a paid tax preparer. Individuals who, for compensation, prepare all or substantially all of any federal tax return or claim for refund must use PTINs. Paid preparers must apply for a new or renewed PTIN through the new sign-up system at www.irs.gov/taxpros. Continue reading