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Category: federal excise tax

What Do I Need To Know About Paying FET Taxes?

federal excise tax - semi truck and trailer

FET Tax Overview Back in the day, paying FET taxes (the federal excise tax), along with tarriffs, was the cornerstone of the federal government’s revenue stream. Although the income tax, and especially source withholding of income taxes, changed the picture dramatically, the FET tax is still around, it is still high, and the Treasury Department… Read more »

What is an FET Audit?

Overview of IRS FET Tax Audits Shortly after Tax Day 2016, IRS Commissioner John Koskinen remarked that, after five years of budget cuts and four years of hiring freezes, the agency would “do less with less.” The pronouncement is a mixed bag for those who must pay the federal excise tax on large trucks. While the agency… Read more »

Lawmakers Attempt To Scrap Large Truck FET

Earlier this summer, California Republican Doug LaMalfa introduced a bill in the House that would repeal the large truck federal excise tax. The FET began at 3 percent in 1917 as a way to help pay for World War I. The tax expanded significantly when Congress made it part of the Highway Trust Fund in… Read more »

IRS Crackdown on Federal Excise Tax for Modified Heavy Trucks

The IRS is always looking for quick ways to collect more money and they’ve found a new target: fleet owners and operators who have dodged the hefty 12% tax on trucks over 33,000 pounds GVWR. If you’re running trucks that were purchased below the 33,000 pound threshold and then modified above that capacity, keep reading… Read more »