October 13, 2020

2020 – 10/08

What are excise taxes and does your business owe them? An excise tax is imposed on the sale of specific goods or services, or on certain uses. It’s generally imposed on sales of items such as fuel, airline tickets, indoor tanning and tires. Excise taxes may also be imposed at the time of import, sale by the manufacturer or retailer, or use by the manufacturer or consumer. Businesses subject to excise taxes must report them to the IRS on Form 720 (Quarterly Federal Excise Tax Return). Some excise taxes are collected and reported to the IRS by a third party, for example, airlines collect and report excise taxes on tickets purchased. For more: https://bit.ly/30ZdGSr  or contact us for help.