The answer often comes down to an excise tax — a special tax that’s built right into the price of certain goods. So, what is ...

It falls under the definition of an “excise tax’’ as a tax imposed on a specific good or activity. A capital gains tax would be a tax on the profits realized when liquidating a long-term ...

The issues were complex and related to the definition of a “toll” call. It resulted in the banishment of tolls for long-distance calls and bundled services. The telephone excise tax has long ...

A sin tax is an excise tax on specific goods and services due to their perceived ability to be harmful or costly to society. The tax comes at the time of purchase. Some items that often have a sin ...

As an excise tax, consumers pay sin tax when an item, such as a pack of cigarettes, is purchased at a sales counter. Sin tax rates can range from a little to a lot, but they tend to be higher than ...

Last week, the US House of Representatives passed H.R. 1, the “One Big Beautiful Bill Act.” This alert highlights the provisions in the Bill ...

That expansive definition will cause many more advisors ... a Form 5330 must be filed with the IRS and excise taxes on prohibited transactions must be paid. When a person makes a “covered ...