Truck Excise Tax Deadlines: Important Dates You Shouldn’t Miss

• Quarterly Form 720 Submission and Payment Last Days: April 30, July 31, October 31, January 31.
• Retail Sales Excise Tax on Heavy Trucks (12%): Manufacturers, sellers, or importers have to report on Form 720 quarterly.
• Fuel Excise Taxes (if applicable): Quarterly filing through Form 720 based on the number of gallons sold or used.
• Amended Form 720 Submission Last Day: Amendments can be filed up to 3 years from the original filing date.

Why It Is Important to Keep Truck Tax Deadlines

Truck excise taxes are federal transactional and operational taxes, not vehicle-use annual taxes. These taxes mainly apply to:

• Heavy truck manufacturers
• Dealers or sellers
• Importers
• Fuel sellers or users

Truck excise taxes are reported on IRS Form 720 (Quarterly Federal Excise Tax Return). Failure to meet Form 720 deadlines can be accompanied by:

• Failure-to-file penalties of up to 25%
• Interest on unpaid taxes
• IRS audits
• Delayed refunds
• Compliance issues for sellers and importers

ALSO CHECK - What Happens If You Don’t Pay Truck Excise Tax on Time?

Truck Excise Tax (Form 720) Explained

• Truck Retail Sales Excise Tax: A 12% federal tax on the first retail sale of heavy trucks, trailers, and tractors (generally over 33,000 lbs)
• Fuel Excise Taxes: Determined by gallons sold or used, reported quarterly
• Used: Form 720 (Quarterly)

A Detailed Breakdown of Each Main Deadline

Excise taxes (Quarterly Payments) (Form 720)

If you are a truck manufacturer or dealer, you are to pay attention to the fact that heavy trucks and trailers are subject to 12% retail sales tax (IRS No. 33). In addition, any other tax (e.g., fuel, tires) may be added to Form 720. The submission deadlines are as follows: 30th April (Q1), 31st July (Q2), 31st October (Q3), 31st January (Q4). This is done quarterly in order to match the quarter in which the liability is incurred. A summary Form 720 of the year is not prepared.

Amended Returns

In case you have made errors in tax, VIN, or in weights, you are supposed to provide an amended form 720-X. The limitation comes after three years of the original due date (two years on payment). Record keeping is an act of changing things; it is easy when it is submitted electronically.

Estimated Payments (Form 720, where necessary)

In case the quarterly tax payables are very huge, you may be forced to make estimations to evade the underpayment penalties. This will be in line with the Apr/Jul/Oct/Jan plan.

ALSO CHECK - Step-by-Step Guide to Filing Truck Excise Tax Online

Ways to Keep up with Truck Tax Deadlines

• Leverage fleet management software for tracking VIN/weight/mileage logs.
• Put in place 30-day pre-deadline notifications.
• Send e-filings for the IRS stamps on your documents without delay.

EFile720 makes excise tax filings error-free by wiping out errors.

Common Errors to Clear

• Omitting VINs or underreporting weights.
• Ignoring first-use deadlines post July.
• Not submitting Form 720 when selling heavy trucks

Final Thought

With the help of the deadline schedule, you can ensure compliance and smooth-running operations of fleets. Give excise filings a revamp. Make a secure e-file with eFile720 now!

FAQs

1. What are the major tax filing dates for trucks?
   • Aug 31 for Form 720 quarterly (Apr 30/Jul 31/Oct 31/Jan 31) for excise.
2. What are the consequences of late filing?
   • Besides 5% per month up to 25% of the failure-to-file penalty, there is also an additional charge for interest.
3. Do operators have quarterly deadlines?
   • Annual Form 2290 is the major piece; quarterlies are for sellers through Form 720. eFile720 can assist with these filings.