Quarterly Federal Excise Tax Form 720 Electronic Filing

The Quarterly Federal Excise Tax Form 720 for the fourth quarter of 2018 is now due this January and time to report  it online at TaxExcise.com. The only website to support all Federal IRS Excise Tax Form (2290, 720 and 8849) at one place TaxExcise.com.

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. One of the major components of the excise program is motor fuel. This is reported using IRS Tax Form 720 – Quarterly Federal Excise Tax returns by end of every quarter.

Environmental Tax:

Dealers and sellers of crude oil, imported petroleum products, and ODC’s are subjected to file this excise tax return. Form 6627 is attached along with Form 720.

Communication Tax:

If you’re using local telephone services and teletypewriter exchange service, you’re liable to file this Quarterly Federal Communication Tax.

Air Transportation Tax:

Air transportation Tax needs to be filed by the Airline Company, providing a consolidated report about the passengers and the property handled through flights. Also, the usage of transportation facilities should be reported in this excise tax form.

Fuel Tax:

This involves the use and sell of diesel, kerosene, gasoline and LNG, included some Alternative fuels (LPG, CNG).

Retail Tax:

All manufacturers and sellers of highway vehicles such as bus, heavy trucks and truck tractors should file under this category.

Ship Passenger Tax:

The IRS imposes tax on certain ship voyages. This tax is applied annually on the person organizing the voyage, on the operator of commercial ships.

Foreign Insurance Tax:

Foreign issuers issuing policies such as indemnity bonds and casualty insurance are implied.

Manufacturer Tax:

This IRS excise tax applies to the seller and manufacturers of coal. This tax also involves one-time gas guzzler tax imposed on imported vehicles and vehicles driven by gasoline or diesel fuel with a minimum gross weight of 6,000 lbs.

Part 2 of Excise tax form 720 included;

Patient‐Centered Outcomes Research Fee

The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported only once a year on the second quarter Form 720 and paid by its due date, July 31, is based on the average number of lives covered under the policy or plan.

Indoor tanning services

Indoor tanning services providers should collect the 10 percent tax at the time the purchaser pays for the indoor tanning services. The provider must pay the excise tax to the government, quarterly, along with IRS Form 720, Quarterly Federal Excise Tax Return.

Floor Stocks Tax

To figure the environmental tax on petroleum, ODCs – Ozone-depleting chemicals, imported products that used ODCs as materials in the manufacture or production of the product, and the floor stocks tax on ODCs. Attach the additional sheets with Form 6627 to Form 720, Quarterly Federal Excise Tax Return.

LUST tax

The leaking underground storage tank (LUST) tax on inland waterways fuel use, tax must be paid on any liquid fuel used on inland waterways that isn’t subject to LUST tax under section 4041(d) or 4081.

Some other excise taxes paid by manufacturer, producer, or importers are on Sport Fishing Equipment’s; Fishing rods and fishing poles, Electric outboard motors, Fishing tackle boxes, Arrow shafts.

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Federal tax deposits made by electronic funds transfer.