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 and individuals who are liable for federal 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: When is IRS Form 720 due?A: IRS Form 720 is due on a quarterly basis. The due dates are April 30, July 31, October 31, and January 31.

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

Q: How do I calculate federal excise taxes?A: The calculation of federal excise taxes depends on the type of tax and the specific rules set by the IRS. It is best to consult the instructions for IRS Form 720 or seek professional assistance.

Q: What happens if I don't file IRS Form 720?A: Failure to file IRS Form 720 or pay federal excise taxes may result in penalties and interest charges.

Q: Can I get an extension to file IRS Form 720?A: Generally, extensions of time to file IRS Form 720 are not allowed. However, there are limited exceptions for certain types of taxpayers.