Excise Taxes – What Are You Missing?

General Business

February 23, 2016
by Linda Feirn, CPA

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Linda Feirn Linda Feirn, CPA
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Periodically, I refer to certain taxes as poor orphan step children. By that, I mean they are the taxes that aren’t talked about, researched, measured, or evaluated. Our clients ask us to help them reduce their income tax, property tax, and sales tax burden, but few ask us whether there are means to ensure they pay the appropriate amounts of excise tax, no more or no less than what is required.
 
Anyone who deals with excise taxes knows that they are every bit as complex as their income, sales, and property tax counterparts. They come with differing rates, bases, exemptions, reporting requirements, and administrative procedures. Some industries have them imposed, while others do not. Some purchases may be subject to excise tax, while a great many others may not. These taxes may be imposed at the federal or state level or both.
 
Because of their complexity, taxpayers often have a less than perfect understanding of their responsibilities and their opportunities. In this article, we look at the excise tax on fuels and provide some background on the issues your company may wish to consider.

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