Instructions for IRS Form 4720 Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code

IRS Form 4720 Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code

This document contains official instructions for IRS Form 4720 , Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code - 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 4720 is available for download through this link.

FAQ

Q: What is IRS Form 4720?A: IRS Form 4720 is a form used to report and pay certain excise taxes under chapters 41 and 42 of the Internal Revenue Code.

Q: What are excise taxes?A: Excise taxes are taxes imposed on the sale or use of certain goods or services, usually at the time of purchase.

Q: What is Chapter 41 of the Internal Revenue Code?A: Chapter 41 of the Internal Revenue Code pertains to excise taxes on wagering.

Q: What is Chapter 42 of the Internal Revenue Code?A: Chapter 42 of the Internal Revenue Code pertains to excise taxes on certain insurance policies, annuity contracts, and other related products.

Q: Who needs to file IRS Form 4720?A: Taxpayers who are liable for excise taxes under chapters 41 and 42 of the Internal Revenue Code need to file IRS Form 4720.

Q: What information is required on Form 4720?A: Form 4720 requires information about the taxpayer, the excise taxes owed, and any exemptions or credits claimed.

Q: When is Form 4720 due?A: Form 4720 is generally due on the 15th day of the 5th month after the end of the organization's tax year.

Q: Can Form 4720 be filed electronically?A: No, Form 4720 cannot be filed electronically. It must be filed by mail.

Q: Are there any penalties for failing to file Form 4720?A: Yes, there are penalties for failing to file Form 4720 or for filing an incomplete or incorrect form. These penalties can be substantial, so it is important to file the form accurately and on time.