What is an excise tax?
The federal government charges an on specific types of products and services, and in some ways resembles a state sales tax. However, you may not be aware you're paying this tax since it's usually included in the price of goods, such as the gasoline you purchase for your car. Businesses that deal in goods and services that are subject to excise tax must prepare a
Excise taxes are taxes that are imposed on various goods, services, and activities. Such taxes may be imposed on the manufacturer, retailer, or consumer, depending on the specific tax. , is available for optional electronic filing. Simply make your selection through an .
Who files 720 forms?
Whether you are a manufacturer, retailer, airline, or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on up to four times per year, depending on the circumstances.
The IRS(Internal revenue system) provides two tests to determine whether you must file a at the conclusion of each calendar quarter. You must always file when you collect any excise tax during the current quarter or if you were responsible for collecting excise taxes during any quarter during the year and you have not filed a final excise tax return. Each quarter is three months long and begins on Jan. 1 of each year. The is due on the last day of the month following the end of the quarter. For example, you must file a Form 720 by April 30 for the quarter ending on March 31.
What Goods and Services come in Federal Excise Tax?
goods are products or services that are harmful to the environment or people. Your business needs to fill out if you sell goods or services that incur excise taxes. These products and services can include, but are not limited to:
Firearms
Fishing equipment
Foreign insurance
Gambling
Gasoline
Indoor tanning services
Tires (for highway vehicles)
Trucks & trailers
Tobacco products
Airline tickets
Alcohol
Automobiles (that consume large amounts of gasoline)
Bow & Arrows (and accessories)
Business telephone lines
Coal products
Crude oil and petroleum products
Electric outboard motors
Telephone communications.
Air transportation.
Passenger ship transportation.
Indoor tanning services.
Bows and arrows.
Tires.
Vaccines.
can be imposed by federal, state, or local governments. Federal excise taxes are reported and paid through form 720. If your business does not deal with any of these products or services, you do not have to fill out this tax form.
Two other conditions determine whether you need to complete Form 720, per the instructions from the IRS:
"You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter, and you haven't filed a final return.
"You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for the current quarter."
Although alcohol, tobacco, and firearms require excise taxes, they're not covered under IRS Form 720. These products are regulated by the Alcohol and Tobacco Tax and Trade Bureau, and taxes must be filed using the return form on its website.
When to fill out 720 Form IRS
You must pay excise taxes semimonthly. The IRS considers a semimonthly period as the first 15 days of the month (first semi-monthly period) or the 16th through the last day of the month (second semi-monthly period).
If your business is paying excise taxes for communications or air transportation, you have the option to pay according to an alternative schedule as dictated by the Form 720 instructions.
Excise tax deposits must be made to the IRS by electronic transfer (aka an ACH deposit) and submitted at least one day before the date the deposit is due. If the due date is Jan. 15, the payment must be submitted by Jan. 14.
If a payment due date falls on a weekend or legal holiday, the previous business day becomes the de facto deadline.
Businesses file IRS Form 720 quarterly. Here are the deadlines:
is to be filed one month after the end of each calendar quarter, except for certain kinds of excise taxes that are not for the payment of premiums to foreign insurance companies. You are liable to file , the federal excise taxes every quarter when you offer a service or sell a product or goods that have an excise tax component.
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