Category: Blog

What is Foreign Insurance Tax?Foreign Insurance Tax is a federal excise tax charged on specific insurance policies, reinsurance contracts, and annuity contracts issued by foreign insurance companies. This tax is charged when the policy buyer buys insurance protection from an…

Businesses involved in the sale, use, or distribution of fuel may need to file IRS Form 720 to report and pay the fuel excise tax. Why is this important? What steps should be taken to ensure correction and compliance in…

Introduction The Indoor Tanning Services Excise Tax is a 10% federal tax imposed on indoor tanning services under the Affordable Care Act (ACA). Businesses that offer tanning services must collect, report, and remit this tax to the IRS using Form…

An air transportation service excise tax is a federal levy that applies to the sale of airline tickets, the movement of freight, and some aviation services. Companies that operate in the travel industry such as airlines and charter companies as…

Anyone involved with goods and services subject to excise tax needs to provide IRS Form 720 – Quarterly Federal Excise Tax Return. Excise taxes are further divided into Part I (Environmental, Communications, and Air Transportation Taxes) and Part II (Excise…

Completing Form 720, which is the Quarterly Federal Excise Tax Return, is one of the most vital processes for companies that transact taxed goods and offer regulated services. Though it has been several years since the traditional paper filing system…

Filing the IRS Form 720 electronically provides hope as users receive the acknowledgement immediately, signifying that IRS has received the submission. This acknowledgement fosters hope as you already know your submission is being processed and keeps one’s mind at ease.…

What you need to know IRS Form 720, used to report and pay Quarterly Federal Excise Tax, is primarily used to account for excise tax on various products or services. Individuals or businesses engaged in raw materials for tobacco products,…