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An overview of excise tax

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks...

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  • October 9, 2020

Small business owners should use the correct form to pay employment taxes

Small business owners should review the rules for filing two commonly-used employment tax returns. The two forms are: Form 944 Employer’s Annual Federal Tax Return Form 941 Employer’s Quarterly Federal Tax Return Small business owners should remember these two...

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  • December 19, 2019

Interest rates remain the same for the first quarter of 2020

WASHINGTON —The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2020.  The rates will be:   5% for overpayments [4% in the case of a corporation]; 2.5% for the...

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  • December 11, 2019

Here’s basic info for businesses filing excise taxes

Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. What is excise tax? Excise taxes are charged on a wide variety of goods, services...

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  • October 31, 2019