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 IRS Form 720?A: Businesses that are engaged in certain activities or industries subject to federal excise taxes need to file IRS Form 720.

Q: What are federal excise taxes?A: Federal excise taxes are taxes imposed on specific goods, services, or activities, such as air transportation, gasoline, tobacco, and firearms.

Q: When is IRS Form 720 due?A: IRS Form 720 is due on a quarterly basis and must be filed by the last day of the month following the end of each calendar quarter.

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

Q: What information is required on IRS Form 720?A: IRS Form 720 requires information on the type of excise tax liability, the amount of tax due, and any credits or exemptions claimed.

Q: Are there penalties for not filing IRS Form 720?A: Yes, there are penalties for not filing IRS Form 720 or for filing late. It's important to file and pay the taxes on time to avoid penalties and interest charges.