Editor: Mary Van Leuven The U.S. government imposes federal excise taxes that can affect a surprising variety of companies.

If you don’t withdraw your required minimum distribution (RMD) amount each year by April 1 after you turn 73, you could face a stiff tax penalty from the IRS. “Failing to take an RMD can result in the ...

Forms due include the Form 990 series (990, 990-EZ, 990-PF), Form 990-N for smaller organizations, Form 990-T for unrelated business income, and Form 4720 for certain excise taxes.

Excise taxes apply to a single good, service or activity for a special reason. ... If you’re a business owner, consult a tax pro or check IRS rules to see what’s deductible.

Additionally, the IRS announced that penalties for not making payroll and excise tax deposits that are due between April 2 and April 16, will be waived as long as the deposits are made by April 17.

If you are not required to file your taxes with IRS Form 1040, you may file Form 5329 by itself and pay the excise tax owed. The IRS website offers instructions for Form 5329.

Additionally, the IRS announced that penalties for not making payroll and excise tax deposits that are due between April 2 and April 16, will be waived as long as the deposits are made by April 17.