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 liable for 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 by the federal government.

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

Q: When is IRS Form 720 due?A: IRS Form 720 is generally due by the last day of the month following the end of each quarter.

Q: What happens if I don't file IRS Form 720?A: If you don't file IRS Form 720 or pay the required federal excise taxes, you may be subject to penalties and interest.

Q: Are there any exemptions or credits available on IRS Form 720?A: Yes, there are certain exemptions and credits available on IRS Form 720. Consult the instructions for more information.

Q: Can I amend my IRS Form 720?A: Yes, you can amend your IRS Form 720 using Form 720X if you need to correct any errors or make changes.