Instructions for 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.

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 liable for specific federal excise taxes need to file Form 720.

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

Q: How often do I need to file Form 720?A: Form 720 is filed quarterly, meaning it needs to be filed four times a year.

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

Q: How do I file Form 720?A: Form 720 can be filed electronically or by mail. Electronic filing is the preferred method.

Q: Are there any penalties for late or incorrect filing?A: Yes, there can be penalties for late or incorrect filing. It is important to file accurately and on time to avoid penalties.

Q: What if I have questions or need assistance with Form 720?A: If you have questions or need assistance with Form 720, you can contact the IRS for help.