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:
“I thought that’s what this war was about. Making people pay taxes when they didn’t have no say so about it.”
—Lamar Trotti (1898–1952)
“I’ve got to go. That’s one of the penalties of being a doctor. I never seem to finish a conversation.”
—Robert M. Fresco, and Jack Arnold. Dr. Matt Hastings (John Agar)