This version of the form is not currently in use and is provided for reference only. Download this version of Instructions for IRS Form 720 for the current year.
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.
Q: What is IRS Form 720?
A: IRS Form 720 is a Quarterly Federal Excise Tax Return.
Q: Who needs to file IRS Form 720?
A: Businesses that are engaged in certain activities or industries subject to federal excise taxes need to file Form 720.
Q: What is the purpose of IRS Form 720?
A: The purpose of Form 720 is to report and pay federal excise taxes on specific goods, services, and activities.
Q: What types of taxes are reported on IRS Form 720?
A: Some examples of federal excise taxes reported on Form 720 include taxes on fuel, tobacco, alcohol, firearms, and air transportation.
Q: When is IRS Form 720 due?
A: Form 720 is due quarterly, on the last day of the month following the end of each calendar quarter.
Q: How do I file IRS Form 720?
A: Form 720 can be filed electronically through the IRS e-file system or by mail.
Q: Are there any penalties for not filing IRS Form 720?
A: Yes, there may be penalties for failure to file or pay the federal excise taxes reported on Form 720, so it's important to meet the filing requirements and deadlines.
Instruction Details:
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