I purchase semi truck tires from international vendors and am required to pay federal excise taxes. The tax is a fixed rate and is figured according to weight of each tire. I am required to make semimonthly deposits and file quarterly returns (Form 720) using EFTPS. I am currently using QB desktop 2019. I am already enrolled in EFTPS and pay/file monthly and quarterly payroll taxes this way. My question is, how do I setup this tax and also get it to show up in the "Pay taxes & other liabilities" section so that I can easily pay/file using EFTPS.
Thanks for getting in touch with us today. I can share some information about the electronic payment processing in QuickBooks Desktop.
QuickBooks Desktop Payroll supports electronic payments and filing for payroll liability taxes. However, we're currently unable to set up excise taxes for e-processing. Here are the supported forms and liabilities for E-File and E-Pay in QuickBooks:
Thank you for your reply. Can you recommend the best way to setup this excise tax, what type of account to use etc.? I need to set it up in a way that will give me reminders that the semimonthly deposits are due (otherwise I know I will forget and get fined big time, Ugh!)