Federal excise taxes for 2nd quarter of 2019 is due by July 31

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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. Federal Excise Tax Form 720 and attachments are to report to the IRS at end of every quarter listing the liabilities and pay the taxes collected.

2nd Quarter Excise Taxes:

The PCORI Fee has to be reported in this 2nd Quarter Form 720 return, The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported only once a year on the second quarter Form 720 and paid by its due date, July 31, is based on the average number of lives covered under the policy or plan.

Indoor tanning services providers should collect the 10 percent tax at the time the purchaser pays for the indoor tanning services. The provider must pay the excise tax to the government, quarterly, along with IRS Form 720, Quarterly Federal Excise Tax Return.
Do your Excise Taxes Right! 


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Comments

  1. Peter Samuel8 July 2019 at 05:18

    PCORI Fee reported in Form 720 during the 2nd Quarter Filing is due now for this July 31, you can efile it here at TaxExcise.com. Talk to us at 866 - 245 - 3918 for support.

    ReplyDelete

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