In general terms, an excise tax is a tax imposed on the sale of a good or service, or on certain uses. For example, excise taxes may be imposed on the sale of items like fuel, airline tickets, tobacco, and alcohol. Excise taxes can be established at the federal, state, and local levels.
For business owners, filing excise taxes is complicated. There is a myriad of ways these taxes may be applied and that may differ in any jurisdiction. Understanding this complex and confusing tax process may require the guidance of legal counsel. Fred Scott has extensive experience helping clients resolve excise tax issues. He will assist with the collecting, reporting, and paying of excise taxes while knowing the intricacies of how to reduce excise tax burdens.
It is important for any business owner to balance the financial health of the business while complying with its tax obligations. It is a convoluted and always changing tax landscape. An inaccurate calculation could place significant liabilities on a business and that may even include fines and penalties. With all these different excise tax obligations, it is easy to misunderstand the tax law or inadvertently report taxes incorrectly. When faced with an excise tax problem, Fred Scott employs his extensive knowledge and experience as a tax attorney to coordinate successful tax resolutions for your business.