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 the Quarterly Federal Excise Tax Return.

Q: Who needs to file Form 720?
A: Certain businesses and individuals who are liable for 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, firearms, and air transportation.

Q: What information is required on Form 720?
A: Form 720 requires information on the type and amount of excise taxes due, as well as any exemptions or credits.

Q: When is Form 720 due?
A: Form 720 is due quarterly, on the last day of the month following the end of each quarter (e.g. April 30th for the first quarter).

Q: How can I file Form 720?
A: Form 720 can be filed electronically through the Electronic Federal Tax Payment System (EFTPS) or by mail.

Q: Are there penalties for not filing Form 720?
A: Yes, there are penalties for failing to file Form 720 or for filing late, so it's important to comply with the deadlines.