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VI 720-B 2013-2024 free printable template

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Print Form FORM 720-B REV. 9/2013 Gross Receipts Annual Tax Return Government of the U. S. Virgin Islands BUREAU OF INTERNAL REVENUE M O N T H Use for filing receipts of 225 000 or less GROSS RECEIPTS LESS MONTHLY TAXABLE TAX EXEMPTION Please Indicate CASH ACCRUAL ex. THOMAS U.S.V. I. 00802 ST. CROIX U.S.V. I. 00820 Name Indicate Firm Type D/B/A Sole Proprietor Partnership Corporation Mailing Address City State Zip Code Indicate Principal Business Activity Code SEE REVERSE Form 720B 9/2013...
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How to fill out form 720 b tax

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How to fill out form 720 b tax:

01
Gather all necessary information and documentation, including details about your business transactions subject to certain federal excise taxes.
02
Use IRS Form 720, which is available on the IRS website or through authorized tax software, to complete the required sections.
03
Provide your personal identification information, such as name, address, and taxpayer identification number.
04
Report the specific excise taxes you owe, such as those related to the manufacture and sale of certain goods, services, or facilities.
05
Calculate the amount of tax due based on the taxable bases and applicable tax rates provided in the instructions.
06
Fill in any additional sections or schedules required for specific excise taxes, such as Schedule A for communications and air transportation taxes.
07
Review your completed form for accuracy and ensure all required attachments are included.
08
Submit the form and any applicable payment by the deadline, usually the last day of the month following the end of the quarter.

Who needs form 720 b tax?

01
Businesses or individuals engaged in activities subject to federal excise taxes, such as selling certain goods, services, or facilities, may need to file Form 720.
02
Specific industries that may require Form 720 include alcohol, tobacco, firearms, gasoline, aviation, communications, and trucking.
03
Generally, if your business engages in activities that have a specific excise tax obligation, you may need to file Form 720 to report and pay those taxes accordingly. It is recommended to consult the IRS instructions or a tax professional to determine whether you need to file Form 720-B.

Video instructions and help with filling out and completing form 720 b tax

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Hi this is Clinton Donnelly from Valley tax law let's talk about for 720 excise tax most people have never heard of this form most people don't know what an excise taxes for Americans abroad the reason this form is of interest is that there is an excise tax on foreign insurance policies that you have signed an excise tax is basically a sales tax at the federal level the tax is 1% on policies that involve risks to living like life insurance policies sickness accidents health insurance policies annuity contracts it is a 4% tax on the premiums for all other foreign insurance policies casualty and indemnification policies this tax is paid on Form 720 this is a totally separate form it does not go in with your 1040 it is mailed to a different location the most irksome thing about this form is that it requires an EIN you cannot use your social security number the IRS requires an EIN I recommend the first time you mail this in you do not include a payment you do not put down your social security number the IRS seeing the absence of an EIN will create an EIN and bill your account for the amount due, and they will send you a letter when you get that letter you call up the IRS pay the bill and from then forward you can always use the number now and send your payment in at the same time the best way to put your handle around why this tax exists is to realize that the U.S. it uses the tax code to protect the US financial industry and to keep it strong the three legs of the financial industry stool are banks brokerage firms and insurance companies these are the three arms of the financial industry and if they're all protected by the tax loss the banks are protected by FATWA the bank secrecy act the brokerage houses likewise are protected by FATWA and the Bank Secrecy Act as well as a 30% withholding tax on dividends to foreigners and the insurance industry is protected by this excise tax a lot of people would say hey how on earth would the IRS ever know I had a foreign insurance policy well you have to voluntarily report it but if you don't volunteer it they may never know it has been said that audits of people renouncing their citizenship have involved significant queries into outstanding foreign insurance policies this is a point of interest if you look to read now, so you might want to make sure you're clean here I do expect as FATWA gets rolled out more and more fully that foreign insurance policies will start to have a reporting obligation, and they'll become visible to the IRS however as you can tell this is a very small tax typical person with a health insurance policy it may be a car policy you know so say health insurance policy of three thousand one percent tax on the premium that's 30 dollars a car insurance policy say a thousand dollars four percent tax that's forty dollars that's a ×70 a year tax we're not talking big money if you are in the eyes of the IRS have decided to intentionally fail to pay this in other words that's fraud the penalty is...

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Form 720-B is a form used by businesses to report and pay certain excise taxes on certain types of imported products. The excise taxes are imposed on imported products such as firearms, ammunition, certain fuels, and certain other products. The taxes are imposed by the United States and are collected by the Internal Revenue Service (IRS).
Form 720-B Tax is a form used by insurance companies to report and pay the tax on premiums collected from policies issued to non-residents of Puerto Rico. The tax is imposed to ensure that the premiums collected from non-residents are reported to the Puerto Rico Treasury Department.
Form 720 provides an overview of excise taxes that businesses must pay on certain types of goods and services. This form is used to report the following excise taxes: 1) Communications and Air Transportation taxes, 2) Environmental taxes, 3) Fuel taxes, 4) Manufacturer’s taxes, 5) Occupational taxes, 6) Railroad Retirement taxes, 7) Retailer’s Excise taxes, 8) Special Fuels taxes, and 9) Use taxes.
The penalty for the late filing of Form 720 is 5% of the unpaid tax due per month, up to a maximum of 25%. There is also a minimum late filing penalty of $135 or 100% of the unpaid tax, whichever is smaller.
Form 720 (also known as Form 720-B) is used to report and pay the excise tax on certain goods, services, and activities. It is typically filed by businesses or individuals who engage in specific taxable activities. Some common examples of those who may be required to file Form 720-B include: 1. Manufacturers or importers of certain goods, such as alcohol, tobacco, firearms, and gasoline. 2. Retailers of certain goods, such as gasoline, diesel fuel, and fishing tackle. 3. Businesses providing services or facilities that are subject to excise taxes, such as indoor tanning services, wagering, and airline transportation. 4. Communication and air transportation companies. 5. Certain health insurance policies issuers. 6. Various other businesses and organizations engaged in taxable activities. It is important to consult the official IRS guidelines or seek professional tax advice to determine if you are required to file Form 720-B or any other tax forms.
Form 720 is used to report and pay the excise taxes owed by businesses. However, there is no specific form called "720 B" form, so it is unclear which specific form you are referring to. If you are looking for information on how to fill out Form 720, here are the general steps: 1. Gather the necessary information: Before filling out Form 720, make sure you have all the required information, such as your Employer Identification Number (EIN), business details, and details related to the excise taxes you owe. 2. Determine the excise taxes to be reported: Form 720 covers various types of excise taxes, so determine which ones are applicable to your business. These can include taxes on alcohol, tobacco, fuels, air transportation, and more. 3. Complete the form: Start by entering your business details in Part I of the form, including your EIN and business name. 4. Report the excise taxes: Fill out the relevant sections of the form to report the excise taxes owed. This may include providing information such as the quantity and value of goods subject to tax, exemptions or credits, and the total amount owed. 5. Calculate the tax liability: Use the instructions provided with the form to calculate the total amount of tax owed for each category. Some excise taxes may have specific calculations or rates, so review the instructions carefully. 6. Complete payment details: If you owe any tax, enter the payment information in Part III of the form. You may have the option to pay online, through Electronic Funds Withdrawal (EFW), or by mail. 7. Sign and date the form: Once you have completed all the sections and calculations, sign and date the form to certify its accuracy. Note: It is important to consult the official instructions and the IRS website for the specific form you are using to ensure you are following the correct process and providing accurate information. If you are unsure about any aspect of filling out the form, consider seeking professional tax advice or consulting with a certified public accountant.
The deadline to file Form 720 for the 2023 tax year is typically April 30th. However, please note that tax deadlines can vary and it is always recommended to consult the official IRS website or a tax professional for the most accurate and up-to-date information.
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