Blogs

This guide outlines the liability and reporting requirements for the 1% stock buyback excise tax introduced by the Inflation Reduction Act. It details which entities must pay, how to calculate the tax, and the quarterly filing deadlines for IRS Form 720 to ensure corporate compliance and avoid penalties.

This article examines the strategic motivations behind company share buybacks, including boosting earnings per share (EPS), signaling confidence to the market, and providing tax-efficient returns to shareholders. It also highlights the importance of regulatory transparency through 720 filings and how professional e-filing platforms can streamline this process.

This guide clarifies the responsibilities surrounding the Federal Retail Excise Tax (FET) for heavy vehicles. While the buyer ultimately bears the cost, the seller (dealer or manufacturer) is legally responsible for collecting and reporting the tax to the IRS via Form 720. The post also covers specific scenarios for importers and owner-operators.

This blog post explains the critical distinctions between the Truck Excise Tax (a one-time 12% fee on new heavy vehicles) and recurring operational taxes like the Heavy Highway Vehicle Use Tax (HVUT), fuel taxes, and registration fees. It highlights differences in payment frequency, calculation basis, and IRS filing forms to help trucking businesses stay compliant.

This blog post provides a comprehensive guide to truck excise tax deadlines, specifically focusing on IRS Form 720. It outlines quarterly submission dates, explains the importance of timely filing to avoid penalties, and offers practical tips for manufacturers and dealers to maintain compliance.

Truck excise tax is a federal retail excise tax levied on the first retail sale of certain heavy trucks, trailers, and tractors. It is regulated under the Internal Revenue Code Section 4051 and generally levied at 12 percent of the taxable sales price.

Truck excise tax refers to the federal tax on heavy highway trucks that use public highways. Such operators and companies are obligated to report their taxes quarterly, including mileage, and to determine the tax due based on vehicle weight and mileage. Timely payment prevents cash flow hits, legal issues, and fines.

Truck excise tax in the USA is a segment of federal tax mainly focused on generating funds for the national infrastructure, especially highways and bridges.

A federal tax on the sale, removal, or use of taxable fuels such as gasoline, diesel, and alternative fuels is known as a fuel excise tax. In the United States, these taxes are mainly regulated under the Internal Revenue Code and are the responsibility of the IRS.

Tax filers have to wait several weeks until they receive their acknowledgment from the IRS by mailing Form 720. However, e-filing is now considered the quickest and most effective method of filing with the IRS.

Whether you are a Fleet Manager, a logistical or transportation firm, or a fuel distributor, you want to ensure the correct filing of your fuel excise tax to allow you to receive all available credits and avoid all unnecessary penalties.

A fuel excise tax has many functions. First, it is a major source of tax revenue; Second, it helps to pay for infrastructure such as roads; Third, it can influence how much fuel people buy; and Fourth, in some jurisdictions, it may also be used to achieve environmental policy objectives.