Question: When are Excise Taxes Due and Reportable?
Answer:
Excise taxes are taxes on certain products and activities used or engaged in by businesses.
What products must I pay excise taxes on?
Businesses must pay excise taxes on:
- Environmental products, such as domestic petroleum oil spills and ozone-depleting chemicals.
- Communications and air transportation taxes
- Fuels used in business
- Purchase of trucks, trailers, semi-trailers (at a percentage of the sales price)
- Ship passenger tax (per passenger)
- Manufacturers Taxes on coal, taxable tires, gas guzzlers, etc.
- Foreign insurance taxes
- Sport fishing equipment, fishing rods, poles, outboard motors, etc.
- Floor stocks tax on ozone-depleting chemicals
What Form Do I Use to Report and Pay Federal Excise Taxes?
For a complete list of products and services subject to federal excise taxes, see IRS Form 720.
When are Federal Excise Taxes Due?
You must file Form 720 quarterly, one month after end of the quarter:
- Quarter end March - file by April 30
- Quarter end June - July 31
- Quarter end Sept. - Oct 31
- Quarter end December - January 31
You can e-file Form 720 or send it in by mail.
