Jan 07, 2025
New PCORI Fee Announced for 2025
The PCORI filing is required to be completed by issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans.
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File your Form720 Taxes Online
Simple720 is an IRS-Approved 720 online portal designed to make your federal excise tax filings effortless and stress-free. Say goodbye to the hassle of manual Form 720 filings—our streamlined online process empowers you to complete your filings in just a few minutes.
Developed by a team of Excise Tax experts, Simple720 combines accuracy, speed, and simplicity, making it the go-to solution for all your excise tax needs.
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What is a Federal Excise Tax?
Federal excise tax is a tax imposed on specific goods, services, and activities that are harmful to the environment. It applies to items such as fuel, chemicals, alcohol, and services like air transportation and heavy vehicle use. Businesses that manufacture, sell, or use these taxable goods and services are required to file Form 720 to report and pay excise taxes.
The form 720 due dates are as follows:
- Q1 (Jan-Mar) : Due by April 30
- Q2 (Apr-Jun) : Due by July 31
- Q3 (Jul-Sep) : Due by October 31
- Q4 (Oct-Dec) : Due by January 31
All 66 Form 720 Excise Tax Categories Under One Roof
Federal excise taxes are categorized into below main types
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Frequently Asked Questions
FET stands for Federal Excise Taxes, which are taxes levied on specific goods, services, and activities, such as fuel, tobacco, alcohol, and heavy highway vehicle use.
Yes, federal excise tax applies to specific goods and services, while sales tax is a general tax applied to most consumer purchases.
Federal excise tax is calculated based on the type of goods or services, often as a percentage of the price or a fixed amount per unit.
You can pay federal excise tax online through the IRS payment portal or using electronic funds transfer.
Businesses that sell goods or services subject to excise tax must file Form 720 with the IRS.
Yes, Form 720 can be filed online through the IRS e-file system.
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What’s New in the Excise Tax Industry?
Latest Form 720 Instructions Released!
The latest update in the Instructions for Form 720 (Rev. March 2025) includes changes such as the expiration of certain biodiesel and alternative fuel credits after 2024, adjustments in excise taxes for air travel and arrow shafts due to inflation, and updated guidelines for corporate stock repurchase excise tax reporting. Taxpayers can now also use IRS Direct Pay for electronic tax payments starting October 2024.
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Jan 17, 2025
PCORI Annual Meeting 2024 Key Highlights
The PCORI fee applies to issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans.
Jan 23, 2025
PCORI Fee[2013 - 2025] - The Detailed Guide
The PCORI fee applies to issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans.
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Simple 720 is developed by a team of tax experts with one goal in mind, making excise tax filings simple for our valued clients.
