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Level 1

Federal Excise Tax

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.

2 Comments
Anonymous
Not applicable

Re: Federal Excise Tax

Good day, @DMR1,

 

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:

  • Federal 940 and 941/944 payments
  • Federal Forms 940, 941 and 944
  • Federal Forms W-2 and W-3
  • Selected State Taxes and Forms

To deposit your payments, you can directly go to the EFTPS website then record the payment manually inside QuickBooks. You can also get the Form 720 Quarterly Federal Excise Tax Return from the IRS.gov website so you can file it to the IRS.

 

You might want to check this article to know more about the E-file and E-pay Service in QuickBooks: E-file and E-pay: General Info

 

That should get you on the right track, @DMR1. Let me know if you need further help. I'm always around to assist you. Have a good day!

Level 1

Re: Federal Excise Tax

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!)

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