#Excise Tax Form 720

[gnsaccountacy]

Federal excise tax on trailers

Federal excise tax on trailers

In the highly competitive realm of freight transportation, obtaining the most advantageous deals on tractors and trailers frequently necessitates importing these vehicles from other countries. While considerable cost savings can be achieved, it is essential to comprehend the ramifications of the Federal Excise Tax (FET) associated with these imports. This blog post will guide you through when this tax becomes applicable, the possible exemptions, and important considerations regarding leasing arrangements.

Federal Excise Tax

When does the Federal Excise Tax Apply? The Federal Excise Tax is typically levied on the initial retail sale of certain heavy-duty vehicles, including tractors and trailers, in the United States. As stipulated in the Internal Revenue Code§4051, a 12% tax is charged based on the sale price of these vehicles. However, the tax implications become increasingly intricate when it comes to imported vehicles.

For Importers: If your business is involved in the importation of tractors and trailers, it is important to note that you are responsible for paying the FET once these vehicles enter the U.S. for use prior to their first sale.

FET Exemptions

Your company may be eligible for certain exemptions that allow you to avoid paying FET on imported tractors and trailers:

1. Weight-Based Exemptions:

- Trailers: The FET is not applicable to truck trailers and semi-trailer chassis and bodies that are designed for vehicles with a gross vehicle weight of 26,000 pounds or less (IRC §4051(a)(3)).

- Tractors: These are exempt if their gross vehicle weight does not exceed 19,500 pounds, and when combined with a trailer, the total gross weight remains at or below 33,000 pounds (IRC §4051(a)(4)).

2. Specialized Vehicles:

Vehicles that are specifically built for off-highway operation or for particular construction purposes may qualify for an exemption as long as their design significantly restricts their use on highways.

Federal Excise Tax

How G&S Accounting Can Assist You

Navigating the intricacies of Federal Excise Tax (FET) for imported tractors and trailers can be daunting. At G&S Accountancy, we are dedicated to assisting trucking companies in effectively managing their excise tax responsibilities. Our suite of services includes:

- Filing Excise Tax Forms:** We guarantee precise and punctual submission of Form 720, which is the Quarterly Federal Excise Tax Return.

- Exemption Assistance:** We guide you in identifying and qualifying for available exemptions to reduce your tax burden.

- Relief from Penalties and Interest:** Our established strategies have successfully helped clients obtain relief from penalties and interest, resulting in substantial savings.

Conclusion

Grasping and effectively managing the Federal Excise Tax on imported tractors and trailers is crucial for trucking companies aiming to enhance their operations and reduce expenses. Whether faced with intricate import situations or handling leasing agreements, partnering with a skilled CPA firm can significantly impact your success.

Reach out to G&S Accountancy today to discover how we can help you fulfill your FET responsibilities and shield you from possible penalties and interest. Allow us to support you in concentrating on what you excel at – running a thriving transportation business.

[taxconnectionsme]

Great News For Corporate Tax Leaders: IRS Approved E-File For Forms 720 And 8849

Don’t wait until the IRS mandates e-file for forms 720 and 8849. Act now to stay ahead of the game. Visit and Contact us Today at https://akorefederal.com Still, filing your Excise Tax Returns through paper? It’s time to switch to digital e-filing and eliminate paper returns. The IRS offers an e-filing option for excise tax forms 720 and 8849, and only Akore Federal Excise Tax E-File Software has…

[totalbenefits]

Revised Form 720

The IRS has released a revised Form 720, Quarterly Federal Excise Tax Return, the proper method to file and report PCORI fees.  If you owe a PCORI fee, it must be paid using IRS Form 720 by July 31, following the last day of the policy year or plan year.  Form 720 and the fee must be submitted on the same date.  If your business does not owe a PCORI fee, IRS Form 720 does not need to be…

[excisetaxonline]

PCORI Fee that is reported on IRS Tax Form 720 can be reported online at TaxExcise.com, an IRS authorized efile provider and the most experienced. PCORI Fee is due in the 2nd Quarter of the tax year and August 1 is the due date. #EfilePCORIfee #PCORIfee

[tax2290]

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 

[2290tax]

Quarterly Federal Excise Tax Form 720 Electronic Filing

Quarterly Federal Excise Tax Form 720 Electronic Filing for the 4th Quarter of 22018 is now Due this January 31. Start with eFile for Form720 today at @taxexcise and make your filing process ease and simple. #TaxExcise is only website to support #eFile for Federal Excise Tax Forms.

The 4th Quarter Federal Excise Tax on Tax Form 720, is now due and Jan. 31 is the last date to report  and pay the taxes. Electronic filing could make  it simple, easy and safe. You can do  your Excise Tax reporting on your own in 3 simple steps, getting started with Form 720 efile is  also easy and fast.

Electronic Filing for Federal Excise Taxes

The foremost is IRS could receive your returns…

[advancetaxreliefexperts]

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…

[thinktradeinc]

PCORI Fee that is reported on IRS Tax Form 720 can be reported online at TaxExcise.com, an IRS authorized efile provider and the most experienced. PCORI Fee is due in the 2nd Quarter of the tax year and August 1 is the due date. #EfilePCORIfee #PCORIfee

[excisetaxonline]

Federal Excise Tax can be prepared and reported online at http://TaxExcise.com, an IRS authorized eFile provider for all Federal Excise Tax Forms at one place. Aug 1 is the deadline for the 2nd Quarter of 2022 reporting. Try for free and pay only when you print the form or eFile it to the IRS. Talk to our support desk today at 866 245 3918 or email to support@taxexcise.com.

[bigwheels2290]

#January31st 2019, is the #deadline to #Efile #Federal #ExciseTax #Form720 for the #Fourthquarter of 2018  without any #penalties & #interests http://blog.thinktradeinc.com/2018-fourth-quarter-excise-tax-form-720-is-due-now/

[2290tax]

Expedite your Excise Tax Refund Claims

Expedite your #ExciseTax Refund Claims, Don't let your federal excise tax refunds slip away... as like your income tax refunds this federal #excisetax refunds can also be done online. @TaxExcise the 1st ever website to facilitate electronic filing for excise tax refund claims.

Don’t let your federal excise tax refunds slip away… as like your income tax refunds this federal excise tax refunds can also be done online. TaxExcise.com is the 1st ever website to work with the IRS to facilitate electronic filing for excise tax refund claims since 2007. The only website that supports all the excise tax forms (2290, 720 and 8849) at one place.

(more…)