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 Quarterly Federal Excise Tax Return.

Q: Who needs to file IRS Form 720?
A: Businesses and individuals who engage in certain activities or own certain products that are subject to federal excise tax need to file IRS Form 720.

Q: What activities or products are subject to federal excise tax?
A: Some examples of activities or products subject to federal excise tax include the sale of gasoline, tobacco products, alcohol, airline tickets, and certain firearms.

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

Q: What is the purpose of filing IRS Form 720?
A: The purpose of filing IRS Form 720 is to report and pay the federal excise tax owed on certain activities or products.

Q: Are there any penalties for not filing IRS Form 720?
A: Yes, there may be penalties for not filing IRS Form 720 or for filing it late. It is important to file the form accurately and within the specified deadlines.