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 IRS Form 720?
A: IRS Form 720 is a form used to report and pay federal excise taxes.

Q: Who needs to file IRS Form 720?
A: Businesses and individuals who are liable for specific federal excise taxes are required to file Form 720.

Q: What are federal excise taxes?
A: Federal excise taxes are taxes imposed on certain goods, services, or activities, such as air transportation, tobacco, and gasoline.

Q: How often do I need to file Form 720?
A: Form 720 is filed on a quarterly basis. It must be filed by the last day of the month following the end of the fiscal quarter.

Q: Are there any penalties for late filing or non-filing of Form 720?
A: Yes, there may be penalties for late filing or non-filing of Form 720. It is important to file the form and pay any applicable taxes on time to avoid these penalties.