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
Tag Archives: Excise Tax
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
What if I don’t file Form 2290?
Except for some exceptions, all heavy highway vehicles with a gross weight of 55,000 lbs. and more and using the public highways need to pay the tax as per the Federal Heavy Vehicle Use Tax regulations. So it becomes mandatory for heavy highway vehicles users to file Form 2290. This article deals about the consequences that need to be faced if you don’t file Form 2290for a taxable heavy highway vehicle.
- What if I don’t file Form 2290?
- Not signing the return
- Claiming refund of Heavy Vehicle Use Tax already paid
- Sale of vehicle
- Getting stamped Schedule 1 on short notice
No more standing in “Q”, e-file 2290 returns!
Tax2290.com is the first IRS certified efile provider for all the Excise Tax forms. The solution we offer is simple, smart and easy to use. We provide tips to help you file an accurate tax return without missing any tax benefit.
Electronic filing: Electronic filing is required for each return reporting 25 or more vehicles that the taxpayer files during the tax period. However, all taxpayers are encouraged to file electronically. File Form 2290 electronically through www.Tax2290.com / www.TaxExcise.com
Tax2290 have the unique features that provide more security in filing taxes online along with filing Form 2290 amendments and Schedule 6 Claims. Continue reading