Instructions for IRS Form 720 Quarterly Federal Excise Tax Return

IRS Form 720 Quarterly Federal Excise Tax Return

This document contains official instructions for IRS Form 720 , Quarterly Federal Excise Tax Return - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 720 is available for download through this link.

FAQ

Q: What is Form 720?
A: Form 720 is a Quarterly Federal Excise Tax Return.

Q: Who needs to file Form 720?
A: Businesses that are liable for certain federal excise taxes need to file Form 720.

Q: What are federal excise taxes?
A: Federal excise taxes are taxes imposed on specific goods, services, or activities, such as fuel, tobacco, and firearms.

Q: How often do I need to file Form 720?
A: Form 720 is filed quarterly, meaning it needs to be filed four times a year.

Q: When are the due dates for Form 720?
A: The due dates for Form 720 are April 30, July 31, October 31, and January 31, for the respective quarters.

Q: What information do I need to complete Form 720?
A: You will need to provide information about your business, the type of excise tax you are liable for, and the amount of tax due.

Q: Are there any penalties for not filing Form 720?
A: Yes, there can be penalties for not filing or paying the taxes due on time. It's important to meet the deadlines and fulfill your tax obligations.