Also, e-filing reduces processing time and errors. When businesses e-file, they get confirmation that the IRS received their form. Businesses can submit forms online 24 hours a day. To make this process easier for taxpayers, the contact information for all approved e-file transmitters of excise forms is listed on IRS.gov. However, electronic filing is strongly encouraged, when possible. The IRS does accept paper excise tax returns. If the due date for filing a return falls on a Saturday, Sunday or legal holiday, the due date is the next business day. Quarter 4 – October, November, December: deadline, Jan.Quarter 3 – July, August, September: deadline, Oct.Quarter 2 – April, May, June: deadline, July 31.Quarter 1 – January, February, March: deadline, April 30.When to fileīusinesses must file the form for each quarter of the calendar year. For example, the tax on an airline ticket generally is paid by the purchaser and collected by the airline. The third party then sends the tax to the IRS and files the Form 720. Some excise taxes are collected by a third party. They may pass the cost of the excise tax on to the buyer. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. Excise taxes are independent of income taxes. Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.īusinesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS.Įxcise taxes are imposed on a wide variety of goods, services and activities. In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses.
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