Blogs

Section 40 covers second-generation biofuels that are sold but not used for their qualified purposes. If misused, producers must recapture a $1.01-per-gallon excise tax, reported under IRS Number 51 on Form 720.

When dealing with biofuels under IRS Form 720, Section 40 plays a critical role in understanding fuel-related excise taxes.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced penalty relief for remittance transfer providers who fail to deposit the correct amount of excise tax under Section 4475 of the One Big Beautiful Bill Act (OBBBA).

The IRS has issued an official Employee Emergency News announcement detailing temporary operational adjustments due to a reduction in workforce availability.

The Leaking Underground Storage Tank (LUST) Trust Fund is a vital resource aimed at helping address the environmental hazards posed by leaking Underground Storage Tanks (USTs).

The window for filing your Federal Excise Tax (FET) for Quarter 3 (July 1 – September 30) is officially open! With Simple720, you can quickly complete your filings within just 2 minutes.

We’re thrilled to announce that Simple720 will be attending the SIIA National Conference 2025, held October 12–14 at the JW Marriott Desert Ridge, Phoenix.

A Recap on LUST Tax: The Federal LUST (Leaking Underground Storage Tank) tax is an excise tax imposed on certain fuels, primarily to fund the cleanup of contamination caused by leaking underground storage tanks.

What is Federal LUST Tax? The Federal LUST (Leaking Underground Storage Tank) Tax is an excise tax imposed on specific fuels, falling under the Fuel Excise Tax category.

In an era where technology continues to redefine the way we do business, the U.S. Government has made a bold move to streamline payment processes. Executive Order 14247, titled “Modernizing Payments to and from America’s Bank Account”, aims to eliminate paper-based payments by requiring all federal payments to be made electronically by September 30, 2025.

What is Form 720 Prefiling? Prefiling refers to the process of submitting your federal excise tax filings before the official due date or the start of the designated quarter. This proactive approach ensures that all the required information is submitted well ahead of time, reducing the risk of last-minute complications.

A recap on Inland Waterways Fuel Use Tax The Inland Waterways Fuel Use Tax is a federal tax applied to fuel used in commercial vessels operating on U.S. inland waterways. The tax helps fund the Inland Waterways Trust Fund, which supports the maintenance and improvement of the nation’s inland waterways infrastructure.