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Form 720 is used to file Excise Taxes like Environmental tax, Communication tax, Air transportation tax, Fuel tax, Retail tax, Ship passenger tax, Manufacturers tax, Foreign insurance tax and Floor stocks tax.
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Keep records of your tax return, records and accounts of all transactions for at least 4 years.
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Yes, you can authorize a third party designee to exchange information concerning Form 720 with the IRS.
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Generally, a business needs an EIN (Employer Identification Number). If you do not have an EIN, you can apply for one online.
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E-Filing is transmitting Business Tax Returns to the IRS through the internet. Electronic filing is the safest, most secure and private way to send your tax return to the IRS. Once you E-file your return, you will receive an electronic acknowledgement that the IRS has accepted your return for processing.
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Form 720 must be filed for each quarter of the calendar year. | Quarter Covered | Due by | | Jan., Feb., Mar. | April 30 | | Apr., May, June | July 31 | | July, Aug., Sept. | October 31 | | Oct., Nov., Dec. | January 31 |
If any date for filing a return falls on a Saturday, Sunday or a legal holiday, you may file the return on the next business day.
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If you are not reporting a tax that you normally report, enter a zero on the appropriate line of Form 720.
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You can send Forms 720, 6627 and 6197 to: Internal Revenue Service Center, Cincinnati, OH 45999-0009.
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To meet timely mail filing/paying, you can use DHL Express, Federal Express or United Parcel Service.
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The law provides penalties for filing a return late, depositing taxes late, paying taxes late; willfully failing to collect and pay tax or file a return; negligence; and fraud. These penalties are in addition to the interest charged on late payments. The penalty for filing a return late will not be imposed if you can show that the failure to file a timely return is due to reasonable cause. Those filing after the due date must attach an explanation to the return to show reasonable cause.
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Penalties are applicable in addition to the interest charged on late payments.
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An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. Employer Identification Number is a 9 digit number assigned by IRS to filers of Form 720.
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If your address changes, make the corrections on Form 720 and check the Address change box above Part I of Form 720.
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You can make a Final return if you go out of business, or will not owe excise taxes that are reportable in Form 720 in future quarters.
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See Form 720X, Amended Quarterly Federal Excise Tax Return, to make adjustments to liabilities reported for previous quarters.
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Communication Tax is the tax on communications services.
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Yes, the tax collector or taxpayer may request a credit or refund for nontaxable services.
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Air Transportation Tax is the tax on transportation of persons or property by air.
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Credit is the refund claimed for the tax paid on a vehicle that was either
• Sold,
• Destroyed or stolen before June 1 and not used during the remainder of the period, or
• Used during the prior period 5,000 miles or less (7,500 miles or less for agricultural vehicles)
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The percentage tax is for amounts paid for taxable transportation of persons by air.
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The domestic segment tax is the amount paid for each domestic segment of taxable transportation of persons by air.
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The report must contain the name and address of the taxpayer who refuses to pay, the type of facility provided or service rendered, the amount paid for the facility or service and the date paid. These details to be mailed to:Internal Revenue Service,Collected Excise Tax Coordinator,S: C: CP: RC: EX,1111 Constitution Avenue NW, IR-2016,Washington, DC 20224
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Tax on gas guzzling automobiles is gas guzzler tax.
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Use Form 6197, Gas Guzzler Tax, to figure the liability for this tax. Attach Form 6197 to Form 720.
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If you import a gas guzzling automobile, you may be eligible to make a one-time filing of Form 6197 and Form 720.
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- You do not import gas guzzling automobile in the course of your trade or business.
- You are not required to file Form 720 reporting excise taxes for the calendar quarter, except for a one-time filing.
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File Form 720 for the quarter in which you incur liability for the tax. - Pay the tax with Form 720. No deposits are required.
- If you are an individual and do not have an employer identification number (EIN), enter your social security number (SSN) Individual Taxpayer Identification Number (ITIN) on Form 720 and Form 720-V in the space for the EIN.
- Check the one-time filing box on the line for the gas guzzler tax.
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A tax imposed on the sale or use of a vaccine manufactured, produced, or entered into United States.
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The vaccine list is as follows: - Vaccine containing diptheria toxoid, tetanus toxoid, pertussis bacteria, extracted or partial cell bacteria, specific pertussis antigens, or polio virus;
- Vaccines against measles, mumps, rubella, hepatitis A, hepatitis B, chicken pox, rotavirus gastroenteritis, or human papillomavirus;
- HIB (haemophilus influenza type B) vaccine;
- Meningococcal vaccine;
- Any conjugate vaccine against streptococcus; pneumoniae; or
- Trivalent vaccine against influenza.
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Tax is imposed on each vaccine included in the combination.
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Schedule A is to report Excise tax liabilities. Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter.
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Complete Schedule A to record net tax liabilities for Part I taxes for each semimonthly period in a quarter even if your net liability is under $2,500.
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You must complete Schedule A if you have a liability for any tax in Part I of Form 720.
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Do not complete Schedule A for Part II taxes.
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Do not complete Schedule A for a one-time filing of the gas guzzler tax.
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An additional reporting is required under the special September rule.
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Regular method taxes: Enter the liability for the period beginning September 26/27 and ending September 30 in box F. Alternative method taxes: Enter the tax included in the amounts billed or tickets sold for the period beginning September 11/12 and ending September 15 in box M of the 4th quarter return. Enter the tax included in amounts billed or tickets sold during the period beginning September 16 and ending September 30 in box N of the 4th quarter return
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Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal
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No, the receiving person alone is liable for the tax.
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A two-party exchange means a transaction (other than a sale) where the delivering person and receiving person are both taxable fuel registrants and all of the following occur. - The transaction includes a transfer from the delivering person, who holds the inventory position for the taxable fuel in the terminal as reflected in the records of the terminal operator.
- The exchange transaction occurs before or at the same time as completion of removal across the rack by the receiving person>
- The terminal operator in its records treats the receiving person as the person that removes the product across the terminal rack for purposes of reporting the transaction on Form 720-TO, Terminal Operator Report.
- The transaction is the subject of a written contract.
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Schedule C is used to make claims for credit or refund of excise taxes on fuels.
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You must include in gross income (income tax return) the amount from line 4 of Form 720.
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Claims can be made only if you are reporting liability in Part I or II of Form 720.
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Do not use Schedule C: - If you are not reporting a liability on Form 720, in Part I or Part II.
- To claim amounts that you took or will take as a credit on Form 4136, Credit for Federal Tax Paid on Fuels, or as a refund on Form 8849, Claim for Refund of Excise Taxes, and its separate schedules (see the Caution later).
- To request an abatement or refund of interest under section 6404(e) (due to IRS errors or delays) or an abatement or refund of a penalty or addition to tax under section 6404(f) (due to erroneous IRS written advice). Instead, use Form 843, Claim for Refund and Request for Abatement. Also use Form 843 to request refund of the penalty under section 6715 for misuse of dyed fuel.
- To make adjustments to liability reported on Forms 720 filed for prior quarters, use Form 720X.
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- Making a claim for fuel used during any quarter of a claimant’s income tax year, or aggregating amounts from any quarters of the claimant’s income tax year for which no other claim has been made.
- Claims must be filed during the first quarter following the last quarter of the claimant’s income tax year included in the claim. For example, a calendar year income taxpayer’s claim for the first quarter is due June 30 if filed on Form 8849. However, Form 720 must be filed by April 30.
- Only one claim may be filed for any quarter.
- The fuel must have been used for a nontaxable use during the period of claim.
- The ultimate purchaser is the only person eligible to make the claim.
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Do not use Schedule C: - If you are not reporting a liability on Form 720, in Part I or Part II.
- To claim amounts that you took or will take as a credit on Form 4136, Credit for Federal Tax Paid on Fuels, or as a refund on Form 8849, Claim for Refund of Excise Taxes, and its separate schedules (see the Caution later).
- To request an abatement or refund of interest under section 6404(e) (due to IRS errors or delays) or an abatement or refund of a penalty or addition to tax under section 6404(f) (due to erroneous IRS written advice). Instead, use Form 843, Claim for Refund and Request for Abatement. Also use Form 843 to request refund of the penalty under section 6715 for misuse of dyed fuel.
- To make adjustments to liability reported on Forms 720 filed for prior quarters, use Form 720X.
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The person who is eligible to make a claim is a claimant.
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Form 6627 is used to figure the Environmental taxes on petroleum, ODCs Ozone-Depleting Chemicals, imported products that used ODCs as materials in the manufacture or production of the product, and the floor stocks tax on ODCs.
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Yes, you can add more lines on any part of the form by preparing additional sheet in the same format.
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No, you need to attach Form 6627 to Form 720.
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- The operator of the refinery that receives crude oil.
- The user or exporter of crude oil before tax is imposed.
- The person entering or importing the petroleum products for consumption, use, or warehousing.
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- The manufacturer or importer of ODCs who sells or uses those ODCs.
- The importer of taxable products who sells or uses those products.
- The person other than the manufacturer or importer of ODCs who holds ODCs for sale or use in manufacturing on January 1, 2007.
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If you determine the weight of each ODC used as a material in the manufacture of the product and you can support this determination, this method of determining ODC weight is Exact Method.
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If you use the ODC weight listed in the imported products table, this method of determining ODC weight is Table Method.
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Entry value is the value of the product when it first enters the US.
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The gas guzzler tax is imposed on the sale, use, or lease by the manufacturer or importer of an automobile of a model type that does not meet certain standards for fuel economy.
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Generally, an imported taxable product is taxed when it is sold or used by the importer. However, an importer may elect to treat the entry of products into the United States as the use of such products. This election applies to all products held by the importer when the election becomes effective. If an election applies to an imported taxable product, tax is imposed on the product on the date of entry. This election may be revoked only with the consent of the IRS.
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- You do not import gas guzzling automobile in the course of your trade or business.
- You are not required to file Form 720 reporting excise taxes for the calendar quarter, except for a one-time filing.
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Yes, you can make one time filing for which no Employer Identification Number is needed. You can use your Social Security Number or the Individual Tax payer identification Number to file the return.
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Environment Tax is the tax collected on oil spill liability, ozone depleting chemicals (ODCs) and floor stocks tax on ODCs.
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Yes, the automobiles imported for business or personal use are subject to guzzler tax.
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Automobile does not include vehicles operated exclusively on a rail or rails; vehicles sold for use and used (a) as ambulances or combination ambulance-hearses, (b) as Federal, state, or local police or other law enforcement vehicles, and (c) for firefighting purposes; or non passenger automobiles as defined in 49 CFR (Code of Federal Regulations) 523.5.
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Yes, you can make one time filing for which no Employer Identification Number is needed. You can use your Social Security Number or the Individual Tax payer identification Number to file the return.
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The ultimate purchaser of kerosene used in commercial aviation (other than foreign trade) is eligible to make this claim. The ultimate purchaser of kerosene used in noncommercial aviation (except for nonexempt, noncommercial aviation and exclusive use by a state, political subdivision of a state, or the District of Columbia) is eligible to make this claim.
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No, deposit is not required for one-time filing.
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Fuel economy means the average number if miles an automobile travels on a gallon of gasoline (or an equivalent amount of other fuel) as determined by the Environmental Protection Agency (EPA).
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Model type means a particular class of automobile as determined by the EPA regulations.
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Generally, a business needs an EIN (Employer Identification Number). If you do not have an EIN, you can apply for one online.
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Agri-biodiesel means biodiesel derived solely from virgin oils, including
esters derived from virgin vegetable oils from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flax-seeds, rice bran, and mustard seeds, and from animal fats.
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This is a terminal operated by a registrant that is a terminal operator or a refinery operated by a registrant that is a refiner
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Biodiesel means the monoalkyl esters of long chain fatty acids derived from plant or animal matter which meet the registration requirements for fuels and fuel additives established by the Environmental Protection Agency (EPA).
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This means any taxable fuel produced outside the bulk transfer/terminal system by mixing taxable fuel on which excise tax has been imposed and any other liquid on which excise tax has not been imposed. This does not include a mixture removed or sold during the calendar quarter if all such mixtures removed or sold by the blender contain less than 400 gallons of a liquid on which the tax has not been imposed.
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The person who produces blended taxable fuel.
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Transfer of taxable fuel by pipeline or vessel
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This is the taxable fuel distribution system consisting of refineries, pipelines, vessels and terminals.
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Diesel-water fuel emulsion means an emulsion at least 14 percent of which is water.
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This is the person that holds the inventory position in the taxable fuel in the terminal, as reflected in the records of the terminal operator. You hold the inventory position when you have a contractual agreement with the terminal operator for the use of the storage facilities and terminaling services for the taxable fuel.
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This is a mechanism capable of delivering fuel into a means of transport other than a pipeline or vessel.
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The person, who owns, operates, or otherwise controls the refinery.
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Removal is any physical transfer of taxable fuel. It also means any use of taxable fuel other than as a material in the production of taxable or other fuels.
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This means gasoline, diesel fuel, or kerosene.
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This is a storage and distribution facility supplied by pipeline or vessel, and from which taxable fuel may be removed at a rack.
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Any person who owns, operates, or otherwise controls a terminal is a terminal operator.
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Any person who is a position holder or that owns taxable fuel within the bulk transfer/terminal system (other than in a terminal
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A person who operates a vessel within the bulk transfer/terminal system is a vessel operator.
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Form 720-TO and Form 720-CS are to be used to report monthly information returns on receipts and disbursements of all liquid products.
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Each terminal operator must file a separate form for each approved terminal.
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Form 720-CS is filed by bulk transport carriers (barges, vessels, and pipelines) who receive liquid product from an approved terminal or deliver liquid product to an approved terminal.
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You are required to be registered if you are a:
Blender,
Enterer,
Pipeline operator,
Position holder,
Refiner,
Terminal operator,
Vessel operator,
Train operator who uses dyed diesel fuel on his or her trains and incurs liability for tax at the train rate, or
Producer or importer of alcohol, biodiesel, agri-biodiesel and renewable diesel.
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Registrant is an enterer, an industrial user, a refiner, a terminal operator, or a throughputter, who received a letter of registration under the excise tax registration provisions and whose registration has not been revoked or suspended.
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Gasoline means all products commonly or commercially known or sold as gasoline with an octane rating of 75 or more that are suitable for use as a motor fuel.
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This means all special grades of gasoline suitable for use in aviation reciprocating engines and covered by ASTM specification D910 or military specification MIL-G-5572.
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The tax on gasoline is $.184 per gallon. The tax on aviation gasoline is $.194 per gallon. Tax is imposed on the removal, entry, or sale of gasoline.
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Gasoline blendstocks may be subject to $.001 per gallon LUST tax.
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Gasoline blendstocks include the following:
Alkylate,
Butane,
Butene,
Catalytically cracked gasoline,
Coker gasoline,
Ethyl tertiary butyl ether (ETBE),
Hexane,
Hydrocrackate,
Isomerate,
Methyl tertiary butyl ether (MTBE),
Mixed xylene (not including any separated isomer of xylene),
Natural gasoline,
Pentane,
Pentane mixture,
Polymer gasoline,
Raffinate,
Reformate,
Straight-run gasoline,
Straight-run naphtha,
Tertiary amyl methyl ether (TAME),
Tertiary butyl alcohol (gasoline grade)
(TBA),
Thermally cracked gasoline, and
Toluene.
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Any liquid that without further processing or blending, is suitable for use as a fuel in a diesel-powered highway vehicle or train, and Transmix.
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Transmix means a by-product of refined products created by the mixing of different specification products during pipeline transportation.
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Kerosene means any of the following liquids:
• One of the two grades of kerosene (No.1-K and No. 2-K) covered by ASTM specification D3699.
• Kerosene-type jet fuel covered by ASTM specification D1655 or military specification MIL-DTL-5624T (Grade JP-5) or MIL-DTL-83133E (Grade JP-8).
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The tax on diesel fuel and kerosene is $.244 per gallon. It is imposed on the removal, entry, or sale of diesel fuel and kerosene.
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The removal of diesel fuel or kerosene from a refinery is taxable if the removal meets either of the following conditions:
• It is made by bulk transfer and the refiner, the owner of the fuel immediately before the removal, or the operator of the pipeline or vessel is not a registrant.
• It is made at the refinery rack.
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The diesel fuel or kerosene is removed from an approved refinery not served by pipeline (other than for receiving crude oil) or vessel.
The diesel fuel or kerosene is received at a facility operated by a registrant and located within the bulk transfer/terminal system.
The removal from the refinery is by:
i. Railcar and the same person operates the refinery and the facility at which the diesel fuel or kerosene is received, or
ii. For diesel fuel only, a trailer or semi-trailer used exclusively to transport the diesel fuel from a refinery less than 20 miles from the refinery.
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Diesel fuel or kerosene satisfies the dyeing requirements only if it satisfies the following requirements:
• It contains the dye Solvent Red 164 (and no other dye) at a concentration spectrally equivalent to at least 3.9 pounds of the solid dye standard Solvent Red 26 per thousand barrels of fuel or any dye of a type and in a concentration that has been approved by the Commissioner.
• Is indelibly dyed by mechanical injection. See section 6 of Notice 2005-80 for transition rules that apply until final regulations are issued by the IRS.
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Tax is imposed on the delivery of any of the following into the fuel supply tank of a diesel powered highway vehicle or train:
• Any dyed diesel fuel or dyed kerosene for other than a nontaxable use.
• Any undyed diesel fuel or undyed kerosene on which a credit or refund (for fuel
used for a nontaxable purpose) has been allowed.
• Any liquid other than gasoline, diesel fuel, or kerosene.
Generally, this back-up tax is imposed at a rate of $.244 per gallon.
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The excise tax ($.244 per gallon) applies to kerosene sold for use by the buyer for a feedstock purpose if the buyer in that sale later sells the kerosene. The tax is imposed at the time of the later sale and that seller is liable for the tax.
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Tax on Kerosene on use in aviation on a) removal directly from a terminal into the fuel tank of an aircraft for use in noncommercial aviation, b) on removal directly from a terminal into the fuel tank of an aircraft for use in commercial aviation (other
than foreign trade) c) on removal directly from a terminal into the fuel tank of an aircraft for nontaxable uses or for use in foreign trade.
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Commercial aviation is any use of an aircraft in the business of transporting persons or property by air for pay.
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Any use exclusively for the purpose of skydiving.
Certain air transportation by seaplane.
Any use of an aircraft owned or leased by a member of an affiliated group and un-available for hire by nonmembers.
Any use of an aircraft that has a maximum certificated takeoff weight of 6,000 pounds or less, unless the aircraft is operated on an established line.
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Qualified methanol and ethanol fuels means any liquid at least 85 percent of which consists of alcohol produced from coal, including peat.
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Yes, reduced rate applies to qualified methanol and ethanol fuels.
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Partially exempt methanol and ethanol fuels means any liquid at least 85 percent of which consists of alcohol produced from natural gas.
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Yes, reduced rate applies to partially exempted methanol and ethanol fuels.
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The taxable events can be delivery into the fuel supply tank of a motor vehicle, or motorboat, or on certain bulk sales.
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Commercial waterway transportation is the use of a vessel on inland or intracoastal waterways for either of the following purposes.
• The use is in the business of transporting property for compensation or hire.
• The use is in transporting property in the business of the owner, lessee, or operator of the vessel, whether or not a fee is charged.
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Yes, you should include the following records:
A copy of the export bill of lading issued by the delivering carrier,
A certificate by the agent or representative of the export carrier showing actual exportation of the fuel,
A certificate of lading signed by a customs officer of the foreign country to which the fuel is exported, or
A statement of the foreign consignee showing receipt of the fuel.
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Limousines with a gross unloaded vehicle weight of more than 6,000 pounds.
Vehicles operated exclusively on a rail or rails
Vehicles sold for use and used primarily:
As ambulances or combination ambulance-hearses,
For police or other law enforcement purposes by federal, state, or local governments, or
For firefighting purposes.
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Tax is imposed on an ODC when it is first used or sold by its manufacturer or importer.
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There is no tax on any ODC diverted or recovered in the United States as part of a recycling process (and not as part of the original manufacturing or production process). There is no tax on recycled Halon-1301 or cess). There is no tax on recycled Halon-1301 or recycled Halon-2402 imported from a country that has signed the Montreal Protocol.
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There is no tax on ODCs sold for use or used as a feedstock. An ODC is used as a feedstock only if the ODC is entirely consumed in the manufacture of another chemical
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Yes, the transformation of an ODC into one or more new compounds qualifies as use as a feedstock.
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Generally, there is no tax on ODCs sold for export if certain requirements are met. For a sale to be nontaxable, you and the purchaser must be registered.
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Credit or refund (without interest) of tax paid on ODCs may be claimed if a taxed ODC is:
Used as a propellant in a metered-dose inhaler, then the person who used the ODC as a propellant may file a claim.
Exported, then the manufacturer may file a claim.
Used as a feedstock, then the person who used the ODC may file a claim.
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You must have repaid or agreed to repay the tax to the exporter, or obtained the exporter’s written consent to allowance of the credit or refund. You must also have the evidence required by the Environmental Protection Agency as proof that the ODCs were exported.
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The tax on ODCs is based on the weight of the ODCs used in the manufacture of the product.
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The actual (exact) weight of each ODC used as a material in manufacturing the product.
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The rate of tax is 1% of the entry value of the product is applicable.
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Tax is imposed on ODC held (other than by the manufacturer or importer of the ODC) on January 1 for sale or use in further manufacturing. The person holding title (as determined under local law) to the ODC is liable for the tax, whether or not delivery has been made.
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Floor stocks tax is not imposed on any of the following ODCs:
ODCs mixed with other ingredients that contribute to achieving the purpose for which the mixture will be used unless the mixture contains only ODCs and one or more stabilizers.
ODCs contained in the manufactured article in which the ODCs will be used for their intended purpose without being released from the article.
ODCs that have been reclaimed or recycled.
ODCs sold in a qualifying sale for:
a.Use as a feedstock,
b.Export, or
c.Use as a propellant in a metered-dose inhaler.
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Deposits of taxes for a semimonthly period must be at least 95% of the amount of net tax liability for that period, unless the safe harbor rule applies.
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The safe harbor rule applies separately to deposits under the regular method and the alternative method. Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16.67%) of the net tax liability reported for the look-back quarter.
For the semimonthly period for which the additional deposit is required (September 1-11 and 16-26 for EFTPS, or September 1-10 and 16-25 for non-EFTPS), the additional deposit must be at least 11/90 (12.23%), 10/90 (11.12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Also, the total deposit for that semimonthly period must be at least 1/6 (16.67%) of the net tax liability reported for the look-back quarter.
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The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16.67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter;
Any quarter if liability includes any tax not in effect throughout the look-back quarter; or
For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter.
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Make each deposit timely at an authorized financial institution, and
Pay any underpayment for the current quarter by the due date of the return. If you meet the requirements and use the safe harbor rule.
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Generally, semimonthly deposits of excise taxes are required. A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period).
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The taxes are payable with the return. The net liability for taxes listed in Part I (Form 720) does exceed $2,500 for the quarter.
The gas guzzler tax is being paid on a one-time filing.
The liability is for taxes listed in Part II (Form 720), except the floor stocks tax that generally requires a single deposit.
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