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 quarterly federal excise taxes.

Q: Who needs to file IRS Form 720?A: Certain businesses and individuals who engage in activities or use products that are subject to federal excise taxes need to file Form 720.

Q: What are federal excise taxes?A: Federal excise taxes are taxes imposed on specific activities, products, or services, such as fuel, tobacco, and firearms.

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

Q: What information is required to complete IRS Form 720?A: To complete Form 720, you will need to provide information about the activities or products subject to excise taxes, calculate the tax amount, and provide payment information.

Q: What is the deadline for filing IRS Form 720?A: The deadline for filing Form 720 depends on the specific quarter. Generally, it is due by the last day of the month following the close of the quarter.