Blogs

A Recap on Archery Excise Tax: The IRS imposes an Archery Excise Tax on the sale of archery equipment under Internal Revenue Code Section 4161. Manufacturers, producers, or importers are responsible for paying this tax, which includes items such as bows, quivers, broadheads, and arrow shafts.

The Archery Excise Tax is an important tax levied on specific archery products. This tax is vital for the funding of conservation programs that support wildlife and habitat restoration efforts.

The Gas Guzzler Tax is a federal excise tax imposed on manufacturers or importers of new passenger cars that fail to meet fuel economy standards. It is calculated and reported on IRS Form 6197 and then filed along with the quarterly excise tax return, Form 720.

What is Form 6197 and Its Purpose? IRS Form 6197, also known as the Gas Guzzler Tax form, is used to calculate and report the Gas Guzzler Tax. This tax is imposed on manufacturers and importers of new passenger cars that fail to meet the required fuel economy standards.

What is the Gas Guzzler Tax? The Gas Guzzler Tax is a surcharge imposed on new cars that fail to meet minimum fuel economy standards. This tax applies exclusively to passenger cars, which are vehicles primarily designed for personal use, and does not cover trucks, SUVs, or minivans.

This comprehensive guide will walk you through the process of filing your Other Excise Tax (IRS Number 31) seamlessly using Simple720, our IRS-Authorized online portal.

What is Form 720 and Why Is It Important? Form 720 is the IRS's official document used by businesses to report and pay various types of Federal Excise Taxes. This form is used to calculate taxes for things like environmental taxes, fuel taxes, and other specific excise taxes imposed on certain goods and services.

What is Form 637? Form 637, issued by the IRS, is used by businesses to register for specific excise tax exemptions. It allows businesses engaged in activities such as fuel export and certain operations to avoid paying the Federal Excise Tax (FET) upfront, especially during business activities like fuel exports.

A Recap on Tire Excise Tax The Federal Tire Excise Tax applies to the sale of certain tires used on highway vehicles. The tax rate is based on the tire's load capacity, with standard tires taxed at $0.0945 per 10 pounds, and bias-ply or super single tires taxed at $0.04725 per 10 pounds.

The Superfund Chemical Excise Tax, reinstated by the Infrastructure Investment and Jobs Act, resumed on July 1, 2022, marking reinstitution of excise duties on certain chemicals (IRC §§ 4661–4671).

The Superfund Excise Tax is a federal tax imposed on the manufacture, production, or import of certain hazardous chemicals and substances. It helps fund the cleanup of contaminated sites under the Environmental Protection Agency’s (EPA) Superfund program.

A Recap on Federal Retail Excise Tax The Federal Retail Excise Tax (FRET) is a 12% tax applied to the first retail sale of certain heavy vehicles, including trucks, trailers, and tractors. It is mandated under IRS regulations to help fund highway and transportation projects.