#Quarterly��Excise Tax Tumblr posts

  • tax2290
    02.08.2021 - 1 mont ago

    Federal #ExciseTax #Form720 & attachments are to report to the #IRS at end of every quarter listing the liabilities & pay the taxes collected. Efiling is fast & easy, do it in 3 simple steps @Taxexcise for faster processing of your tax return. Today August 2, 2021 is the deadline to report the 2nd Quarter Federal Excise Taxes. #tax720 #taxexcise #deadline 

    #Excise Tax #Federal Excise Tax #Quarterly Federal Excise Tax #Quarterly Federal Excise Tax Form 720 #Quarterly Federal Excise Tax Due Date #Quarterly Federal Excise Tax Online #Quarterly Federal Excise Tax efile #Quarterly Federal Excise Tax  efiling #Quarterly Federal Excise Tax Online today
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  • excisetaxonline
    20.07.2021 - 2 monts ago

    Quarterly Federal Excise Tax Form 720 is used for reporting federal excise tax liabilities on certain products (gasoline and fuel) and services (tanning salon and PCORI). These are 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 fuels. E-file is the fastest way, you could try for free and experience the difference. Form 720 repored every quarter would cost you $49.99 on single category. No other charges or no hidden charges, we won't ask for your card details upfront.

    #PCORI Fee in Form 720 #Indoor Tanning Tax #Form 720 #Quarterly  Excise Tax Form 720 efile #TaxExcise.com #TaxExcise#Tax Excise
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  • thinktradeinc
    20.07.2021 - 2 monts ago

    Who must file Form 720?

    You must file Form 720 if 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 or for the current quarter and you haven’t filed a final return.

    How much it is to efile?

    E-file is the fastest way, you could try for free and experience the difference. Form 720 reported every quarter would cost you $49.99 on single category. No other charges or no hidden charges, we won't ask for your card details upfront.

    #Form 720 efile #Federal Excise Tax eFile #Quarterly Federal Excise Tax #Quarterly Excise Tax
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  • excisetaxonline
    17.07.2021 - 2 monts ago

    The PCORI fee initially applied to specified health insurance policies and applicable self-insured health plans with policy or plan years ending after September 30, 2012, and before October 1, 2019; however, in December 2019 the fee was extended for an additional 10 years under the Further Consolidated Appropriations Act, 2020 and now applies through plan years ending before October 1, 2029. #PCORIFee Excise Taxes can be reported online at @Taxexcise.com and it is easy.... do it today! 

    #federal excise tax #quarterly federal excise tax #2nd quarter excise tax #Form 720 PCORI fee #pcori fee #PCORI Fee Form 720 #efile PCORI
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  • elizabethcariasa
    31.08.2021 - 3 weeks ago

    IRS gives all Louisiana taxpayers Hurricane Ida tax relief

    Damage in the Galliano, Louisiana, area from Hurricane Ida as seen by U.S. Coast Guard overflight on Aug. 30. (Photo courtesy U.S.C.G./VIRIN: 210830-G-G0108-1006M)

    Hurricane Ida went from Tropical Depression 9 to a category 4 hurricane that slammed coastal Louisiana on Aug. 29 in just about three days.

    The Internal Revenue Service has reacted just as quickly.

    Today, the IRS announced that its offering tax relief to Ida victims. That includes pushing the Oct. 15 extended filing deadline (and other tax dates) to Jan. 3, 2022.

    The tax relief applies to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance due to damages from Hurricane Ida. Right now, that's the entire state of Louisiana.

    However, adds the IRS, taxpayers in Ida-impacted localities in neighboring states that FEMA ultimately designates as major disaster areas also will qualify for the same tax relief.

    You can check out FEMA's Ida declaration and subsequent updates at its website. The IRS also maintains a running list of storm-struck localities eligible for tax relief at its special disaster relief page.

    More time to file 2020 taxes: The immediate tax relief is postponement of various tax filing and payment deadlines that occurred starting on Aug. 26, when Ida formed.

    Affected individuals and businesses now have until Jan. 3, 2022, to file returns and pay any taxes that were originally due during this period.

    For individual taxpayers who had filed for an extension to complete their 2020 returns, this means that instead of getting their Form 1040s etc. to the IRS by Oct. 15, they have until the new January due date.

    If, however, you didn't pay all the tax due with that return when you got your extension, you still need to get that money to the IRS as soon as you can. Since payment of any due 2020 tax was required by this year's May 17 filing deadline, even if you applied for an extension, those unpaid taxes are not eligible for Hurricane Ida tax relief. Penalty and interest charges on unpaid tax bills are still accruing.

    Extended estimated tax payments: The Jan. 3, 2022, deadline also applies to the quarterly estimated income tax payment normally due on Sept. 15.

    Filers who must make these tax payments on earnings that aren't subject to withholding now have until the early January due date to make this third 1040-ES payment.

    Businesses also get more time: As for businesses, the IRS says quarterly payroll and excise tax returns normally due on Nov. 1 also are postponed. The delay also applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 15.

    Businesses with extensions also have the additional time including, among others, calendar-year corporations whose 2020 extensions run out on Oct. 15.

    In addition, the IRS will abate penalties on payroll and excise tax deposits due on or after Aug. 26 and before Sept. 10 as long as the deposits are made by September 10, 2021.

    Automatic deadline applied: Louisianans don't need to do anything to get the added tax filing time. The IRS automatically identifies taxpayers located in the covered disaster area — which right now is all of the Pelican State — and applies the disaster-related filing and payment relief.

    However, if you reside or have a business outside Louisiana, but have records necessary to meet a tax deadline in the state, you also might qualify for more time to complete those tasks.

    In these cases, call the IRS' toll-free disaster hotline at (866) 562-5227 to discuss your circumstances and request the same relief.

    The tax relief also covers workers who are assisting with relief activities conducted by a recognized government or philanthropic organization.

    Let IRS know about notices: Also, since many of the IRS operations are automated, it's possible that taxpayers in the Ida disaster area might get late-filing or late-payment penalty notices even though they've now been given more time to file and pay.

    If that happens, call the telephone number on the notice to have the IRS abate the penalty.

    Timing of disaster claims: Finally, the Ida disaster relief, as with all major disaster declarations, gives affected taxpayers the option to decide when to claim any uninsured losses as an itemized tax deduction.

    You can claim the losses in the year they happened, meaning you'll do so when you file your 2021 return next year. Or you can claim them on your prior year return.

    Of course, you'll have to run the tax numbers for both years to see which provides the better tax result.

    One of the main reasons to claim losses on a prior-year return is that it generally means you get the tax relief in the form of a refund sooner. Having that tax money in hand now could help with repairs and other recovery efforts.

    Affected Louisiana filers who got extensions to file their 2020 returns can make the claim on that year's 1040 Schedule A when they do file it, now by Jan. 3. Individuals who already submitted their 2020 returns, but want to claim Ida's losses on that return will have to file an amended tax return.

    You'll also have to include a completed Form 4684, Casualties and Thefts. You can read more about this process in my recent post on considerations in making a major disaster tax claim.

    Whether you're just filing your 2020 taxes or sending in a Form 1040-X this year, be sure to write the FEMA declaration number – DR-4611-LA – on the form. That will alert the IRS that it should expedite the processing of the return.

    You also might find these items of interest:

    Tracking down tax records to file a disaster claim

    IRS and other government resources can help you deal with a natural disaster

    Home basis, not market value, key amount in calculating disaster loss tax claim

    Storm Warnings: Preparing for, recovering from & helping those affected by natural disasters

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  • advancetaxreliefexperts
    10.08.2021 - 1 mont ago

    EXCISE TAX FILERS SHOULD TRY E-FILING

    EXCISE TAX FILERS SHOULD TRY E-FILING

    The IRS encourages taxpayers who file federal excise taxes to file electronically.  The following exercise forms can be e-filed: Form 720, Quarterly Federal Excise Tax Return Form 2290, Heavy Highway Vehicle Use Tax Form 8849, Claim for Refund of Excise Taxes Return; Schedules 1, 2, 3, 5, 6 and 8 only Advantages of an excise e-file: E-filing excise tax returns is safe, secure, easy, and…

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  • dealsblackjack55
    04.08.2021 - 1 mont ago

    Minnesota Gambling Control Board Forms

    Visit Cocoa Beach Aerial Adventures, an aerial adventure park with dozens of fun and challenging obstacles. After a short “ground school” lesson to learn proper form and technique, it’s off to the ropes course, which includes suspension bridges, wide balance beams, tunnels, zip lines, balancing logs, monkey bars, and more. SIGN UP FOR PROMOTIONS AND UPCOMING EVENTS. About Us; Gaming; Events; Victory Card; Groups; Transportation. Hop aboard a Victory Casino Cruise and prepare for a Las Vegas-style casino experience in Florida, featuring five and six-hour cruises along the Space Coast. With daily cruises departing from Port Canaveral, Florida, this four-deck ship features everything a casino lover would need with over 600 slot machine, 27 casino games and free drinks. Port Canaveral is located on the east coast of sunny central Florida. The surrounding area offers many exciting attractions, dining options and entertainment. With more recreational opportunities than all of Florida’s 13 other seaports combined, you’re sure to find something you love. Victory Casino Cruise is central Florida’s most popular gambling ship in Port Canaveral. With day and evening cruises departing every day, it is no wonder why Victory Casino Cruises is the number one gambling ship in Port Canaveral, Florida.There is no need to travel across the country any more to enjoy the excitement of Las Vegas. Gambling day cruises port canaveral.

    Minnesota Gambling Control Board Forms I-9

    Minnesota Gambling Control Board Forms Against

    The Minnesota Gambling Control Board states that, “charitable gambling is conducted only by registered, nonprofit organizations”. There are five forms of lawful gambling; pull-tabs, bingo, raffles, paddlewheels, and tipboards. In order to be eligible to conduct lawful gambling, the Minnesota Gambling Control Board requires proof of nonprofit status. Furthermore, in order to conduct lawful gambling, you must be a religious, veteran, nonprofit, or fraternal organization. From there, your organization would require either an IRS income tax exemption 501(c) letter in your organization’s name or an IRS letter showing that the parent organization is a nonprofit 501(c) and that they recognize you as a subordinate.

    If the organization terminates lawful gambling and the loan has not been repaid, the loan repayment will be included in the terms of the license termination plan. Access form LG272, Request for Lawful Gambling Account Loan to General Account, here. Minnesota Gambling Control Board June 1 Lawful Gambling Restart –.

    At Clasen & Schiessl CPAs, Ltd., we offer all of the following monthly gambling services:

    Preparation of Minnesota Revenue Form G1 Lawful Gambling Monthly Tax Return including electronic submission and confirmation of on-line tax payment

    Preparation of Minnesota Lawful Gambling Schedules LG100A, LG100c, and LG100F including submission to Gambling Control Board

    Maintenance of gambling worksheets E, LG216, LG267, and LG1012

    Checking account reconciliation

    Posting of gambling receipts and disbursements

    Posting of adjusting journal entries

    Preparation of monthly net profit and star rating report

    Review all Minnesota Revenue and Lawful Gambling Correspondence

    Prepare annual Federal Form 11-C and monthly Federal Form 730 Excise Tax Returns

    Preparation of all quarterly and annual payroll tax forms, including electronic submission or related payroll taxes

    Minnesota Gambling Control Board Forms I-9

    Minnesota Gambling Control Board Forms Join ACM Today!LG220 mn gambling control board forms Application for Exempt Permit - Minnesota.govMaine Casinos Gambling Control Board OfficeWe at the California Gambling Control Commission want everyone who gambles. You can fill out a Self-Exclusion Form and return it to any licensed gambling.

    The Gambling Control Board will provide you with the correct license forms. After receiving the license form from the Gambling Control Board, it must be submitted to the City for approval. Because gambling licenses must be approved by the City Council, please submit your application to the City as soon as possible.

    Often, a raffle is featured as a grand prize as part of a community event, but raffles are also conducted for prizes (like meat packages, gift certificates, etc.) on a regular basis at a licensed charitable gambling site. Conduct of Raffles (Chapter 6 from the Lawful Gambling Manual) (GCB) (PDF) Gambling Control Board Forms.

    Minnesota Gambling Control Board Forms Against

    Big fish slots best payout. Craps diamond pyramid bumper. To learn more about how we can assist your organization with lawful gambling, please contact us!

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  • elizabethcariasa
    29.07.2021 - 1 mont ago

    Nov. 1 is new tax deadline for some storm-struck Michiganders

    One of the severe storms that hit Michigan on June 26. In the wake of a major disaster declaration, the IRS is giving some of the state's taxpayers until Nov. 1 to take care of tax tasks. (Photo by Ben Kessler via the National Weather Service)

    The 2021 Atlantic hurricane season got off to an early start. Since then, though, it's been a slow tropical season. Thank you, Saharan dust (and Deb Fox)!

    However, other major natural disasters have made up for it.

    So far in 21, there have been 14 instances of tax relief provided by the Internal Revenue Service due to federal disaster declarations. That's a bit ahead of last year, which by the end of July 2020 had recorded 10 such devastating circumstances.

    The latest IRS decision to provide taxpayer relief because of a major Mother Nature snit affects some Michigan taxpayers.

    The IRS has announced that Great Lakes State individual and business taxpayers who suffered through severe storms, flooding, and tornadoes that began on June 25 now have until Nov. 1 to file various returns and make payments.

    The affected counties, per the Federal Emergency Management Agency (FEMA), are Washtenaw and Wayne Counties in the southeastern part of the state.

    Here's a quick look at this storm-related relief for these Michigan filers.

    Returns, payments and estimated taxes: The extension means that Michigan individuals who had a valid extension until Oct. 15 to file their 2020 tax returns now have until Nov. 1 to finish that document.

    However, since any tax payments associated with the extended 2020 returns were due on May 17, the COVID-delayed 2021 deadline, any additional tax due with the final, extended filing will have penalty and interest charges tacked on.

    The new Nov. 1 deadline also applies to the quarterly estimated tax payment due on Sept. 15.

    As for businesses, the delay applies to quarterly payroll and excise tax returns normally due on Aug. 2. The IRS says that penalties on deposits due on or after June 25, 2021, and before July 12, 2021, will be abated as long as the tax deposits were made by July 12.

    And for businesses that face the Aug. 31 deadline to file their Tax Year 2021 Form 2290, Heavy Highway Vehicle Use Tax Return, for vehicles also now have until Nov. 1 to do that.

    Contact IRS about penalty notices: Because, well, IRS and taxes, it's possible that taxpayers who live or own a company in Washtenaw or Wayne Counties could get a late filing or late payment penalty notice from the IRS even though they now have added time to take care of tax tasks.

    In these cases, if the notice is for a tax obligation that has an original or extended filing, payment or deposit due date that falls within the postponement period, then call the telephone number on the notice to have the IRS abate the penalty.

    You can get additional information on services currently available at the IRS operations and services page at IRS.gov/coronavirus.

    IRS automatically applies new deadline: Also, Michiganders who live or have a business in the storm-relief counties don't need to do anything to get the November deadline. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief.

    However, if you reside or have a business outside the covered disaster area and believe you, too, should get more tax time, call the IRS' toll-free disaster hotline at (866) 562-5227 to discuss your circumstances and request the same relief.

    Claiming losses this tax year or next: Finally, the disaster relief also includes the option to decide when to claim any uninsured losses on your taxes.

    You can do so for the prior year. In this case, that would be the 2020 returns from filers who got extensions and now don't have to get the paperwork to the IRS until Nov. 1. Some Michigan storm victims could find that claiming this year's damages on their 2020 taxes could produce a quicker and larger refund that could help with repairs and other recovery efforts.

    Or you can wait to claim any allowable losses when you file your 2021 tax return next year.

    Run the numbers for both tax years and choose the filing date that gives you the best result. Remember, too, that you must itemize to claim the personal property losses from a major disaster that aren't covered by insurance or other reimbursements.

    That means filing Form 1040 Schedule A, along with Form 4684, Casualties and Thefts. You can read more about this process in my post on considerations in making a major disaster tax claim.

    The IRS asks taxpayers making the loss claims on their 2020 return to note that at the top of their Form 1040. Add the phrase "Michigan Severe Storms, Flooding, and Tornadoes" in bold letters at the top of the form.

    If you need to get prior tax info to complete your disaster-related filing, the IRS will waive its usual fees for such copies. To get the fee break, use the same Michigan disaster phrase on the Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, that you submit to the IRS for the data.

    And whatever tax year you choose to claim your disaster losses, the IRS also requests you include the FEMA disaster declaration number on your return. For the Michigan situation, that's FEMA 4607-DR.

    You also might find these items of interest:

    Atlantic hurricane season starts early for 7th straight year

    State disaster declarations could trigger quicker IRS tax relief under House bill

    Storm Warnings: A multi-page collection of blog posts on preparing for, recovering from, and helping those dealing with natural disasters

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  • lemonadesoda
    03.06.2021 - 3 monts ago

    General excise tax license non withholding stipend self reporting quarterly estimated tax we didnt start the fire

    #hell on earth........ #i have money and work but at what cost....the paperwork #life with Lemon
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  • flipfundingstuff
    22.04.2021 - 5 monts ago

    Bookkeeping Software Can Simplify Your Small Business Taxes

    The extension of Tax Day 2021 to May 17 may be a big sigh of relief for many taxpayers, but it’s not likely to affect your small business’s 2021 tax preparation and payment obligations. There’s a big difference between what an individual taxpayer or employee has to file and the complex bookkeeping operations necessary for your small business to properly file and pay its taxes on time.  

    The COVID-19 pandemic compelled the government to create many new benefit programs for small businesses, most notably the Paycheck Protection Program (PPP) loans that could be forgiven. But some of last year’s relief measures could present tricky tax challenges when you prepare your taxes, and online bookkeeping can solve many of your tax preparation questions.

    Tax time is all year long for your small business—you have to track revenue and costs for your taxes year-round. Let’s look at the types of taxes you need to pay, when you need to pay them, and how to get effective and affordable tax preparation help. Because this year, more than ever, you can’t afford to incur too large a burden or to miss any possible tax breaks.

    What Types of Business Taxes Do I Need To Pay?

    Every business pays income tax. But different types of taxes will constitute how your business calculates that income tax, depending on how your small business is structured. You may run a small business with employees, you may be self-employed, or you may operate a limited liability corporation (LLC) or some other form of corporation.

    Your income taxes will be a combination of your business’s estimated taxes, employment taxes or self-employment taxes, and other types of taxes that could apply to your small business. 

    Most small business owners are required to pay their own personal estimated tax, not that of their business. Self-employed business people, sole proprietors, and 1099 workers also pay estimated taxes, as do corporations.

    The IRS has a webpage describing what types of taxes small businesses pay. Here’s what you’re required to pay, depending on your business’s legal classification.

    Self-Employed and Sole Proprietors:

    Estimated Tax

    Self-Employment Tax

    Small Businesses with Employees:

    Estimated Tax

    Employment Tax

    Excise Tax*

    LLCs, Corporations, C-Corps, and S-Corps

    Estimated Tax

    Employment Tax

    Excise Tax*

    *Certain specific types of businesses have to pay excise tax on distinct types of goods and services like gasoline, coal, or wagering. The IRS has a list of what types of businesses owe excise taxes and which forms they need to complete.

    We’ve got tax preparation resources for whatever type of small business you have. Check out our tax tips for sole proprietors and guide to lowering your self-employment taxes. We also have a tax guide for LLCs and corporations.

    When Do Businesses Need to File or Pay Their Taxes

    Many small businesses are required to pay some of these taxes quarterly—that is, on 4 tax deadlines spread out over the course of a calendar year. Other taxes are filed quarterly as well as being paid quarterly. The due date and filing deadlines on these taxes of taxes depend on the type of tax, and these dates are listed below.

    Estimated Taxes – If you’re a sole proprietor, self-employed, or a small business with employees, you only file your income taxes once a year. But you have to pay estimated taxes 4 times a year. Here are your quarterly estimated tax due dates, and none of these are affected by the May 17 Tax Day delay:

    April 15, 2021

    June 15, 2021

    September 15, 2021

    January 15, 2022

    If your business is a corporation, these due dates depend on when you begin and end your fiscal year. Your quarterly estimated taxes will be due on the 15th of the month on the 4th, 6th, 9th, and 12th month after your corporation’s fiscal year ends.

    Employment Taxes: If your business has employees, you must file and pay employment taxes on a quarterly basis. These are your quarterly employment tax deadlines for 2021.

    April 30, 2021

    July 31, 2021

    October 31, 2021

    January 31, 2022

    This sounds like (and is) a lot of work. But we have tools to automatically calculate your estimated taxes to help you easily pay these taxes on time.

    State Taxes on Small Business

    There is also the inconvenient matter of your state taxes, which you owe on top of your federal taxes. States differ broadly on what types of taxes they charge their small businesses. Depending on your state, these could include sales taxes, property taxes, or other various forms of state taxes.

    We cannot fully explain all required state taxes for all 50 states in the US, but we can direct you to this IRS list of state tax laws for all 50 states that will provide the link you need to help determine that state taxes for the state where your small business is located.

    How To Prepare Your Small Business Taxes

    The Sunrise digital bookkeeping platform can simplify your small business’s finances and save your business money. And it comes with a tool called Sunrise Tax Assist that seamlessly integrates your bookkeeping into your tax preparation to make tax prep simple.

    Sunrise Tax Assist prepares a tax checklist that lets you know everything you need to prepare this year’s taxes. It keeps centralized tax documents so everything from 1099s to expense reports is easily accessible—just one click away. And a tax estimator will automatically anticipate your small business tax burden so there aren’t any surprises. 

    You can sign up for Sunrise for free to simplify your small business’s bookkeeping and tax preparation. Sunrise also has a mobile app for iOS and Android that helps you access these tools from anywhere. Because it’s great to have a tax assistant or bookkeeping specialist this year, but it’s even better to have one that you can use electronically instead of meeting in person.

    Disclaimer: The information provided in this post does not, and is not intended to, constitute business, legal, tax, or accounting advice. All information, content, and materials available in this post are for general informational purposes only. Readers of this post should contact their attorney, business advisor, or tax advisor to obtain advice with respect to any particular matter.

    The post Bookkeeping Software Can Simplify Your Small Business Taxes appeared first on Lendio.

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  • theevilhillbilly
    15.04.2021 - 5 monts ago

    Form 720 Instructions: Where to Get IRS Form 720 and How to Fill It Out

    If your small business deals in goods and services that are subject to excise tax — like air transportation, fishing equipment or gasoline — then you’ll have to complete IRS Form 720, which must be filed with the IRS on a quarterly basis in order for your business to report and pay your federal excise...

    Randa Kriss writes for NerdWallet. Email: rkriss@nerdwallet.com.

    The article Form 720 Instructions: Where to Get IRS Form 720 and How to Fill It Out originally appeared on NerdWallet.

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