Search Results for keywords:"excise taxes"

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Search Results: keywords:"excise taxes"

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  • 2021-00706 — Excise Taxes; Transportation of Persons by Air; Transportation of Property by Air; Aircraft Management Services
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    Type:Rule
    Citation:86 FR 4990
    Reading Time:about 95 minutes

    The final regulations clarify the application of excise taxes on payments made for air transportation services. Specifically, they address the exemption for payments made for certain aircraft management services, including maintenance and support of an aircraft owner's plane, ensuring that the tax does not apply to amounts paid for these services. The regulations also discuss rules related to aircraft charters and the responsibilities of various parties in collecting the air transportation taxes. These changes aim to incorporate statutory updates and simplify compliance for taxpayers and IRS examiners.

    Simple Explanation

    Imagine that someone is putting rules on how planes pay a special kind of fee when people or packages fly, and they're also making some parts of these rules easier to understand, especially when it comes to taking care of planes.

  • 2021-00840 — Proposed Collection; Comment Request for Manufacturers Excise Taxes on Sporting Goods and Firearms and Other Administrative Provisions of Special Application to Manufacturers and Retailers Excise Taxes; Reporting and Recordkeeping Requirements
    Type:Notice
    Citation:86 FR 4180
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is inviting the public and other federal agencies to comment on information collections related to excise taxes on sporting goods and firearms. This request is part of the IRS's efforts to reduce paperwork and respondent burden, as required by the Paperwork Reduction Act of 1995. They are seeking feedback on the necessity, accuracy, and methods of minimizing the burden of these collections. Comments should be received by March 16, 2021, to be considered.

    Simple Explanation

    The IRS wants to know what people think about the rules that make stores keep track of and pay taxes on certain things like sporting goods and guns. They want to make sure this work isn’t too hard or confusing, and they’re asking for ideas on how to make it easier.