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2024 ICRBE EXPO |
Form 720
Posted by:
Chuck Mills
(---.grenergy.com)
Date: April 26, 2011 09:05AM
Mine was late last quarter, and I haven't received it for this quarter. Anyone else seeing this? In the past it has been like clockwork. I printed spare forms so that's not the issue. Just curious.
Chuck _________________________________________ "Angling is extremely time consuming. That's sort of the whole point." - Thomas McGuane Re: Form 720
Posted by:
Kyle Robinson
(---.cdrr.qwest.net)
Date: April 26, 2011 09:23AM
We generate and fill out the form, then I just mail it in to the Feds. We never get one mailed to us. Re: Form 720
Posted by:
Chuck Mills
(---.grenergy.com)
Date: April 26, 2011 11:14AM
Maybe they don't want our money? _________________________________________ "Angling is extremely time consuming. That's sort of the whole point." - Thomas McGuane Re: Form 720
Posted by:
Tom Kirkman
(Moderator)
Date: April 26, 2011 11:53AM
You're required to file one each quarter. If you don't get one automatically by mail, then it's your responsibility to acquire one. Most can be downloaded and printed from the IRS orms website.
And remember, it's not your money. The tax is paid by the customer, collected by the builder and remitted to the IRS, where it is turned over to the U.S. Fish & Wildlife Service which then returns 94% of the collected funds to the states to use for fishery and boating enhancement/sport fish restoration. ........... Re: Form 720
Posted by:
Chuck Mills
(---.grenergy.com)
Date: April 26, 2011 01:05PM
I know, but since I first filed in 2006 I have received one every quarter like clockwork. Just wondering if something changed. _________________________________________ "Angling is extremely time consuming. That's sort of the whole point." - Thomas McGuane Re: Form 720
Posted by:
Tom Kirkman
(Moderator)
Date: April 26, 2011 02:08PM
I honestly don't know, but since so many don't seem to get one in the mail anymore, I'd almost bet it's some sort of cost saving measure achieved by no longer printing and mailing the forms. I don't recall anything going out concerning the need to download and print them, but it may have happened.
............ Re: Form 720
Posted by:
Chuck Mills
(---.grenergy.com)
Date: April 26, 2011 03:08PM
Okay, thanks. Good thing my wife is the details person or I might have been late this time. It doesn't take them long to contact you if you forget. I got a letter. _________________________________________ "Angling is extremely time consuming. That's sort of the whole point." - Thomas McGuane Re: Form 720
Posted by:
Scott Hovanec
(---.hsd1.pa.comcast.net)
Date: April 26, 2011 06:27PM
Chuck, I haven't got mine either, and I've been getting them mailed since 2005. Re: Form 720
Posted by:
Bill Pulk-Midwest rod and reel
(70.97.195.---)
Date: April 26, 2011 07:47PM
CHUCK MINE DID NOT COME ....GOT A COPY OFF THE GOV WEB-SITE Bill@midwestrodandreel.com www.midwestrodandreel.com Re: Form 720
Posted by:
Bob Mankin
(---.nextweb.net)
Date: April 27, 2011 01:45AM
I notice that beginning this quarter you cannot mail them a check. You must use electronic funds transfer now and going forward. For those who are used to the old fashion ways, you should read the form 720 instructions for this note or you'll probably be getting a letter back.
[www.irs.gov] If you are not already enrolled, you'll also need to sign up for EFTP: [www.eftps.gov] Re: Form 720
Posted by:
Ray Mazza
(---.syrcny.east.verizon.net)
Date: April 27, 2011 01:48AM
IRS buddy says they aren't mailing many forms due to cut backs. Additionally, many IRS jobs regarding contacting people with forms or requests of information have been subcontracted and the service is very poor. Responsibility rests with tax collector (you). BTW, as a result of my asking many questions about this excise tax many years ago, this gentleman was trained as a specialist in this tax and trains other agents nationwide. I can always ask a question of him if anyone ever needs.
Ray Mazza Utica, N Re: Form 720
Posted by:
Chuck Mills
(---.grenergy.com)
Date: April 27, 2011 08:52AM
Bob Mankin Wrote:
------------------------------------------------------- > I notice that beginning this quarter you cannot > mail them a check. You must use electronic funds > transfer now and going forward. For those who are > used to the old fashion ways, you should read the > form 720 instructions for this note or you'll > probably be getting a letter back. > > [www.irs.gov] > > If you are not already enrolled, you'll also need > to sign up for EFTP: > > [www.eftps.gov] Well, I bet most of us had no idea about that! I just mailed a check this week. _________________________________________ "Angling is extremely time consuming. That's sort of the whole point." - Thomas McGuane Re: Form 720
Posted by:
Gabe Neal
(---.dot.gov)
Date: April 27, 2011 04:14PM
I spoke with the IRS today and confirmed what Ray has stated above. They are no longer mailing the 720 form. I guess a question I have for the group is; how are you gaining the knowledge to manage all the paperwork and requirements? I asked the IRS agent about classes or training sessions specifically on excise tax and thought she was going to laugh.
Tom I know you have mentioned some training before. Is it something you have arranged for the expos only? I guess I do my best to be legal. I pay my sales tax and my excise tax, and try to show my rod building as a hobby each year or at least try not to show a loss each year. But with all that I still feel like I’m missing something. Re: Form 720
Posted by:
Donald R Campbell
(---.lsanca.fios.verizon.net)
Date: April 28, 2011 11:33AM
Last year at the ICST Show in Las Vegas the IRS was scheduled to present a seminar on Excise Tax. I signed up for the seminar, as I was new to the business. I was looking forward to learning about Excise Tax, which I knew nothing about!
The IRS did not show-up! ICAST staff had received notice at the last minute and schedule an attorney from San Fransico to discuss copy right and trademark laws. It was very interesting; but I sure was disappointed. At the seminar, I was seated next to a gentleman from Gary Yamamoto company and he told me they got nailed for +/-$80k in back taxes and fines by the IRS for not paying use tax, (I believe), on baits that they had donated to charity organzations. The IRS knows who is in the business, you would think they would at the very least distribution changes in the law that affect us. I guess that is asking tooo much! Don Campbell don@sensorfishingrods.com Re: Form 720
Posted by:
Ron Schneider
(---.mid.suddenlink.net)
Date: April 29, 2011 12:05PM
You may want to double check on the "filing of tax owed".
The new instructions seem to be referring to deposits being made, not payment of tax owed. [www.irs.gov] We payed ours with the downloaded form that was very similar to the 2010 forms. We have not gotten any mailed forms lately either. If in doubt, ASK. Hope this helps, Best wishes, Ron Schneider Schneider's Rod Shop Mountain Home, Arkansas [www.schneidersrods.com] mtnron40@yahoo.com 870-424-3381 Sorry, only registered users may post in this forum.
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