IRS Type: Draft Directions for the Federal Quarterly Excise Tax Return (IRC §6011)

Daily tax report ®

March 2, 2021, 5:00 a.m.


Draft guidance for Form 720, Quarterly Federal Excise Tax Return, released March 1, to reflect that the Revision Reference will be the last month of the quarter. Section 4161 Tax Code for arrow shafts will be increased to $ 0.53 per arrow shaft. Section 4261 tax on the amount paid for each domestic segment of taxable air travel is increased to $ 4.30. Section 4261 tax on the amount paid for international flights is increased to $ 19.10 per person for flights beginning or ending in the United States. The tax will increase to $ 9.60 …

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