excise720

  What Are Environmental Taxes on Form 720? Environmental taxes are federal excise taxes imposed on certain petroleum products, taxable chemicals, imported chemical substances, ozone-depleting chemicals, and products manufactured using ozone-depleting chemicals. Businesses involved in producing, importing, selling, receiving, or using these products may have an environmental excise tax obligation. The tax is generally calculated using Form 6627 and then reported on Form 720. Because different products have different rates and IRS numbers, it is important to identify the correct tax category before preparing your return. You can review the environmental tax filing categories supported by Excise720 before starting. Who May Need to Report Environmental Taxes? Your business may have to report environmental taxes if it: Operates a petroleum refinery Imports petroleum products into the United States Manufactures, produces, or imports taxable chemicals Imports taxable chemi...