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 that are engaged in certain activities or industries subject to federal excise taxes need to file Form 720.

Q: What is the purpose of IRS Form 720?A: The purpose of Form 720 is to report and pay federal excise taxes on specific goods, services, and activities.

Q: What types of taxes are reported on IRS Form 720?A: Some examples of federal excise taxes reported on Form 720 include taxes on fuel, tobacco, alcohol, firearms, and air transportation.

Q: When is IRS Form 720 due?A: Form 720 is due quarterly, on the last day of the month following the end of each calendar quarter.

Q: How do I file IRS Form 720?A: Form 720 can be filed electronically through the IRS e-file system or by mail.

Q: Are there any penalties for not filing IRS Form 720?A: Yes, there may be penalties for failure to file or pay the federal excise taxes reported on Form 720, so it's important to meet the filing requirements and deadlines.