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Simplifying excise tax
Excise taxpayers contend with complex taxing regimes that require detailed reporting. Dependent upon the specific tax, the manufacturer, importer, wholesaler or other respective company must produce accurate calculations and supporting documentation while interpreting often dated guidance and apply it to increasingly challenging data environments. As a result, companies often overpay excise taxes and rely on inefficient compliance processes (e.g., reconciliations, return preparation). Over the past ten years, PwC’s federal and state excise tax professionals have assisted taxpayers in obtaining significant excise tax savings through both refunds and improved compliance processes.
For these companies, PwC can help:
implement an integrated excise tax compliance system
by providing technical memoranda or opinions
by defending them while under audit and represent them during appeals
support them during mergers/acquisitions
with registrations and permits
by performing compliance services
reduce risk, and potentially recover overpayments in a complex federal and state excise tax landscape.
Our full-service excise tax consulting capability comes from combining the tax technical depth of our Washington National Tax Services professionals, automation specialization of PwC Advisory and the practical experience of our dedicated excise tax team members. Over the past ten years, PwC’s federal and state excise tax professionals have assisted taxpayers in obtaining significant excise tax refunds.
PwC can help with:
Affordable Care Act Excise Taxes (e.g., medical device excise tax)
Air Transportation Excise Taxes
Beer, Wine and Distilled Spirits Excise Taxes
Environmental Excise Taxes
Firearms and Ammunition Excise Taxes
Heavy Truck and Trailer Excise Taxes
Motor Fuel Excise Taxes
Ozone Depleting Chemical Excise Taxes
Wagering Excise Taxes
Tire Excise Taxes
Tobacco Excise Taxes
Miscellaneous Federal and State Excise Taxes
IRS delays filing and payment obligations for excise tax on stock repurchases
The IRS, on June 29, issued Announcement 2023-18 (the Announcement), which provides transitional relief to taxpayers regarding the due dates for their filing and payment obligations related to the excise tax on repurchases of corporate stock under Section 4501 (the Excise Tax), which was enacted as part of the Inflation Reduction Act of 2022 (the IRA). The Announcement is expected to provide welcome relief to some fiscal-year taxpayers.
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