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: Businesses that are liable for federal excise taxes are required to file Form 720.

Q: What are federal excise taxes?
A: Federal excise taxes are taxes on specific goods, services, or activities.

Q: What is the purpose of Form 720?
A: The purpose of Form 720 is to report and pay federal excise taxes.

Q: When should Form 720 be filed?
A: Form 720 should be filed quarterly, on or before the last day of the month following the end of each calendar quarter.

Q: What information is required on Form 720?
A: Form 720 requires information such as the type of tax liability, taxable period, and the amount of tax due.

Q: Are there any penalties for not filing Form 720?
A: Yes, there are penalties for not filing Form 720, including late filing penalties and interest on unpaid taxes.

Q: Are there any exemptions or credits available for federal excise taxes?
A: Yes, there are some exemptions and credits available for certain types of federal excise taxes. Consult the instructions for Form 720 for more information.

Q: Can Form 720 be filed electronically?
A: Yes, most businesses are required to file Form 720 electronically through the IRS e-file system.