Every business that deals with services or goods that has excise taxes included on it have to complete the IRS Tax Form 720 to pay the Quarterly Federal Excise Tax returns. As the name refers this Excise Taxes are reported quarterly and the taxes are collected mostly from the buys by the businesses and paid to the IRS.
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. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing. Make your move and join millions of taxpayers enjoying the convenience and ease of online filing, immediate acknowledgement of receipt and faster service. TaxExcise.com is the first of its kind product that support electronic filing for all the Federal Excise Taxes at one place.
Processing Delays for Paper Excise Tax Returns
The IRS notifies the excise taxpayers that due to the pandemic, the are experiencing delays in processing paper federal Excise tax forms, including Forms 720, 2290, 8849 and faxed requests for expedite copies of Form 2290 Schedule 1. Although the backlog of returns has been reduced, the IRS is still working as quickly as possible to resolve the remaining inventory. The IRS also notifies not to file duplicate forms, but for future filings the encourage taxpayers to consider the ease, convenience and speed of electronically filing Forms 720, 2290 and 8849.
Business Types
The IRS has categorized the business types and they are…
Sole Proprietorship
Someone who owns an unincorporated business by themselves.
Partnership
A relationship existing between two or more persons who join to carry on a trade or business.
International Business
Foreign businesses with activities in the U.S. or domestic businesses with activities outside the U.S.
Corporation
A legal entity that is separate and distinct from its owners.
S Corporation
Corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
Limited Liability Company or LLC
A corporate structure whereby the members of the company cannot be held personally liable for the company’s debts or liabilities.
Frequently Asked Questions
Q. Is electronic filing of Form 720 required?
A. Electronic filing of Form 720 is optional for any taxpayer who chooses to e-file. IRS still accepts paper Forms 720. TaxExcise.com, is the best website to efile the IRS Tax Form 720.
Q. When can I e-file Forms 720?
A. IRS is currently accepting electronically-filed Forms 720. Forms can be submitted online 24 hours per day. At TaxExcise.com the price starts at $29.99 for a zero liability return and for other tax returns it would start at $49.99.
Q. Where and how do I access the electronic Form 720 returns?
A. Taxpayers will be required to submit their electronic Excise Tax forms at TaxExcise.com an approved transmitter/software developer for all the excise taxes at one place. Getting started with 720 efile is easy and simple, create your user account and continue through the screens as it prompts and answer simple interview questions to complete your tax return. Transmit it online to the IRS for processing and receive the acknowledgment instantly.
Q. Will it cost anything to e-file Form 720 returns?
A. Yes. To electronically file Form 720 taxpayers will incur the cost of the provider’s required service fee for online submission. At TaxExcise.com the price starts at $29.99 for a zero liability return and for other tax returns it would start at $49.99.
Q. Can all Excise Tax forms be filed electronically?
A. No. At this point, the only Excise forms available for electronic filing are Form 2290, Heavy Highway Vehicle Use Tax, Form 720, Quarterly Federal Excise Tax and Form 8849, Claim for Refund of Excise Taxes (Schedules 1, 2, 3, 5, 6 & 8). We at TaxExcise support all the three excise taxes at one place.
Q. How will e-file of Form 720 improve results?
A. Electronic filing of Form 720 will allow IRS to provide expedited and improved service and reliability to taxpayers while reducing processing time and errors.
Form 720 Call Support:
TaxExcise is available 24X7 for your to complete your Quarterly Federal Excise Taxes online, our help desk is working between 8:00 AM to 6:00 PM CST. on all business days to help you through your electronic filing, guide you through Phone Call at (866) 245 – 3918 and by Live Chat; also write to us at support@taxexcise.com.
