Excise Taxes As Penalties
Federal excise taxes are imposed on a variety of goods and services. Some of these taxes require purchase of tax stamps or other evidence of advance payment of tax. Some require collection of the tax by retailers. An assortment of penalties apply to manufacturers and retailers not complying with the particular rules.
In addition, certain penalties are imposed in the form of an excise tax. Pension and benefit plans must pay a tax for a variety of failures. Charities and Private foundations must pay an excise tax on prohibited transactions and other failures.
Read more about this topic: IRS Penalties
Famous quotes containing the words taxes and/or penalties:
“...if I were to be murdered I would not want my murderer executed. I would not want my death avenged. Especially by government—which can’t be trusted to control its own bureaucrats or collect taxes equitably or fill a pothole, much less decide which of its citizens to kill.”
—Helen Prejean (b. 1940)
“One of the great penalties those of us who live our lives in full view of the public must pay is the loss of that most cherished birthright of man’s privacy.”
—Mary Pickford (1893–1979)