Form 720 is a quarterly excise tax return that some, but not all, businesses must file with the Internal Revenue Service. According to the IRS, “Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.” If you accrue excise taxes in the course of doing business, you should know the rules on filing 720 taxes. Continue reading
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10-PERCENT EXCISE TAX FOR INDOOR TANNING SERVICES
IF YOUR BUSINESS OFFERS ULTRAVIOLET TANNING SERVICES… WE HAVE A REMINDER FOR YOU.
THE FIRST QUARTERLY PAYMENT FOR THE NEW 10-PERCENT EXCISE TAX FOR INDOOR TANNING SERVICES IS DUE NOVEMBER 1ST.
THIS IS BECAUSE OF A NEW LAW THAT WENT INTO EFFECT JULY 1ST, 2010
NOW… THERE IS A LIMITED EXCEPTION FOR CERTAIN QUALIFIED PHYSICAL FITNESS FACILITIES THAT OFFER INDOOR TANNING SERVICES.
THE TAX DOES NOT HAVE TO BE PAID ON MEMBERSHIP FEES TO QUALIFIED PHYSICAL FITNESS FACILITIES THAT OFFER INDOOR TANNING SERVICES AS AN INCIDENTAL SERVICE TO MEMBERS… PROVIDED THE FACILITY DOESN’T SELL TANNING SERVICES TO THE GENERAL PUBLIC. Continue reading