excise tax definition irs - EAS
- IRS Tax Tip 2020-133, October 7, 2020 In general, an excise taxis 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 and highway tractors, indoor tanning, tires, tobacco and other goods and services.
Excise tax in the United States
Excise tax in the United States is an indirect tax on listed items. Excise taxes can be and are made by federal, state and local governments and are not uniform throughout the United States. Some excise taxes are collected from the producer or retailer and not paid directly by the consumer, and as such often remain "hidden" in the price of a product or service, rather than being listed separately.
www.irs.gov/newsroom/an-overview-of-excise-tax - People also ask
- https://www.irs.gov/newsroom/an-overview-of-excise-tax
WebOct 07, 2020 · 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 and highway tractors, …
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- https://www.irs.gov/businesses/small-businesses-self-employed/excise-tax
WebExcise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the …
- https://www.irs.gov/publications/p510
WebFor federal income tax purposes, reduce your section 4081 excise tax liability by the amount of excise tax credit allowable under section 6426(c) or (e) and your section 4041 excise …
- https://www.investopedia.com/terms/e/excisetax.aspSee more on investopedia.comAn excise tax is a legislated tax on specific goods or services at purchase such as fuel, tobacco, and alcohol. Excise taxes are intranational taxes imposed within a government infrastructurerather than international taxes imposed across country borders. A federal excise tax is usually collected from motor fuel sales, air…
- https://taxfoundation.org/tax-basics/excise-tax
WebAn excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, …
- https://www.irs.gov/irm/part4/irm_04-024-009
WebJul 16, 2021 · Excise Tax Examination is responsible for developing additional guidance or reference materials for its specific functional administrative needs as they apply to …
- https://www.irs.gov/newsroom/irs-issues-superfund-chemical-excise-taxes-faqs
WebJun 24, 2022 · The Infrastructure Investment and Jobs Act (IIJA) reinstated the excise taxes imposed on certain chemicals and imported chemical substances under Internal Revenue …
- https://www.irs.gov/forms-pubs/about-form-720
WebForms and Instructions About Form 720, Quarterly Federal Excise Tax Return Use Form 720 and attachments to: Report liability by IRS number. Pay the excise taxes listed on …
- https://www.irs.gov/publications/p969
WebA Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must …
- https://www.law.cornell.edu/uscode/text/26/4982
Webany amount on which tax is imposed under subsection (b) (1) or (b) (3) (A) of section 852 for any taxable year ending in such calendar year. the distributed amount for the …
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