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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:
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.
The IRS Office of Chief Counsel released a legal advice memorandum on August 7 opining that the excise tax on wagers under Section 4401 applies to daily fantasy sports (DFS) operators. While it may not be used or cited as precedent, this guidance represents one of the first IRS interpretations of the excise tax on wagering in the internet age and provides insight into the IRS’ thinking on wagering excise tax.
Partner, PwC US