What is an example of an 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, indoor tanning, tires, tobacco and other goods and services.

How do I file a federal excise tax return?

To report your excise tax liability, you must: Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider. Excise tax Internal Revenue Service irs.gov https://.irs.gov small-businesses-self-employed e... irs.gov https://.irs.gov small-businesses-self-employed e...

What is a 990 PF return?

What is the 990-PF? The 990-PF is the information return U.S. private foundations file with the Internal Revenue Service. This public document provides fiscal data for the foundation, names of trustees and officers, application information, and a complete grants list.

What is the excise tax on a 990-PF?

For tax years beginning after Dec. 20, 2019, the excise tax is 1.39% of net investment income, and there is no reduced 1 percent tax rate. This tax must be reported on Form 990-PF, Return of Private Foundation. Payment of the tax is subject to estimated tax requirements. Tax on Net Investment Income Internal Revenue Service irs.gov https://.irs.gov private-foundations tax-on-net-in... irs.gov https://.irs.gov private-foundations tax-on-net-in...

What tax is on 990 PF?

With the extended 990-PF filing deadline approaching for private foundations on a calendar year accounting period, foundation leaders should ensure that they have paid the 1.39% net investment income excise tax and should properly report any investment income on the foundation's 2022 tax return.

What is the excise tax on charitable foundations?

A: For tax years beginning after Dec. 20, 2019, domestic tax-exempt private foundations are subject to an annual excise tax of 1.39% on their net investment income (IRC Sec. 4940(a)).

What is the purpose of IRS Form 990?

Form 990 is the IRS' primary tool for gathering information about tax-exempt organizations, educating organizations about tax law requirements and promoting compliance. Organizations also use the Form 990 to share information with the public about their programs. Form 990 Resources and Tools Internal Revenue Service irs.gov https://.irs.gov charities-non-profits form-990-re... irs.gov https://.irs.gov charities-non-profits form-990-re...

Who is required to file Form 990 IRS?

Form 990, Return of Organization Exempt From Income Tax An organization must file Form 990, if it is: An organization with either: gross receipts of $200,000 or more, or total assets of $500,000 or more. A sponsoring organization of one or more donor-advised funds. Annual Form 990 Filing Requirements for Tax-Exempt Organizations - IRS irs.gov https://.irs.gov pub irs-pdf irs.gov https://.irs.gov pub irs-pdf

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Form 990bl (rev. January 1997). Information And Initial Excise Tax Return For Black Lung Benefit

Get Form 990bl (rev. January 1997). Information And Initial Excise Tax Return For Black Lung Benefit

545-0049 Under section 501(c)(21) of the Internal Revenue Code. See separate instructions. For calendar year 19 , or fiscal year beginning , 19 , and ending , 19 Name of trust Employer identification number of trust Name of other person filing return Social security or E.I. no. of other filer Number, street, and room or suite no. (If a P.O. box, see instructions) If application pending, check here City or town, state and ZIP code If address changed, check here FMV of assets.

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To report your excise tax liability, you must: Complete Form 720, Quarterly Federal Excise Tax Return. File Form 720 electronically for immediate acknowledgement of receipt and faster service with an IRS-approved software provider. Excise tax | Internal Revenue Service irs.gov https://.irs.gov › small-businesses-self-employed › e... irs.gov https://.irs.gov › small-businesses-self-employed › e...
For tax years beginning after Dec. 20, 2019, the excise tax is 1.39% of net investment income, and there is no reduced 1 percent tax rate. This tax must be reported on Form 990-PF, Return of Private Foundation. Payment of the tax is subject to estimated tax requirements. Tax on Net Investment Income | Internal Revenue Service irs.gov https://.irs.gov › private-foundations › tax-on-net-in... irs.gov https://.irs.gov › private-foundations › tax-on-net-in...
Form 990 is the IRS' primary tool for gathering information about tax-exempt organizations, educating organizations about tax law requirements and promoting compliance. Organizations also use the Form 990 to share information with the public about their programs. Form 990 Resources and Tools | Internal Revenue Service irs.gov https://.irs.gov › charities-non-profits › form-990-re... irs.gov https://.irs.gov › charities-non-profits › form-990-re...
Form 990, Return of Organization Exempt From Income Tax An organization must file Form 990, if it is: An organization with either: ► gross receipts of $200,000 or more, or ► total assets of $500,000 or more. A sponsoring organization of one or more donor-advised funds. Annual Form 990 Filing Requirements for Tax-Exempt Organizations - IRS irs.gov https://.irs.gov › pub › irs-pdf irs.gov https://.irs.gov › pub › irs-pdf

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