If you are opening a business or other entity that will have employees, will operate as a Corporation or Partnership, is required to file any of these tax returns: employment, excise, or Alcohol, Tobacco and Firearms or is a Trust, Estate or Non-profit organization you are required to obtain a Texas Tax ID (EIN).
Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel.
If you do. not take the required amount of withdrawal, you have to pay a 50% excise tax. The penalty is 50% of the difference between the actual amount distributed and. the amount that should have been distributed, and it is in addition to the. regular tax on the distribution.