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 excise taxes need to file IRS Form 720.

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

Q: What are excise taxes?A: Excise taxes are taxes imposed on the sale or use of certain goods and services.

Q: What is the deadline for filing IRS Form 720?A: The deadline for filing IRS Form 720 is the last day of the month following the end of the quarter.

Q: Can IRS Form 720 be filed electronically?A: Yes, IRS Form 720 can be filed electronically using the IRS e-file system.

Q: Are there any penalties for not filing IRS Form 720?A: Yes, there are penalties for not filing IRS Form 720 or for filing it late.

Q: What types of taxes are reported on IRS Form 720?A: IRS Form 720 is used to report various types of excise taxes, such as those on tobacco products, gasoline, and firearms.

Q: Do I need to attach any supporting documents with IRS Form 720?A: In most cases, you do not need to attach supporting documents with IRS Form 720, but it's important to keep them for your records.