IRS 720 2011 free printable template

Quarterly Federal Excise Tax Return Form Rev. January 2011 Department of the Treasury Internal Revenue Service Check here if Final return Address change OMB No. 1545-0023 See the Instructions for Form 720. Cat. No. 10175Y Form 720 Rev. 1-2011 Page Manufacturers Taxes Sales price 1. 10 per ton. 55 per ton Coal Underground mined Coal Surface mined Number of tires Taxable tires other than bias ply or super single tires Taxable bias ply or super single tires other than super single tires designed...for steering Taxable tires super single tires designed for steering Gas guzzler tax. FOR IRS USE ONLY Name Quarter ending Number street and room or suite no. If you have a P. O. box see the instructions. Employer identification number T FF FD FP I City state and ZIP code. If you have a foreign address see the instructions. Part I IRS No* Environmental Taxes attach Form 6627 Domestic petroleum oil spill tax Imported petroleum products oil spill tax Ozone-depleting chemicals ODCs ODC tax on...imported products Communications and Air Transportation Taxes see instructions Local telephone service and teletypewriter exchange service Transportation of persons by air Use of international air travel facilities Number of gallons Fuel Taxes a Diesel fuel tax on removal at terminal rack other than removal at terminal rack Diesel-water fuel emulsion Dyed diesel fuel LUST tax Dyed kerosene LUST tax LUST tax other exempt removals see instructions a Kerosene tax on removal at terminal rack see...instructions Kerosene for use in aviation see instructions Other fuels see instructions a Gasoline tax on removal at terminal rack mixture other than removal at terminal rack Aviation gasoline Liquefied petroleum gas LPG P Series fuels Compressed natural gas CNG GGE 126. 67 cu. ft. Liquefied hydrogen Any liquid fuel derived from coal including peat through the Fischer-Tropsch process Liquid fuel derived from biomass Liquefied natural gas LNG Retail Tax Truck trailer and semitrailer chassis and...bodies and tractors Ship Passenger Tax Other Excise Tax Obligations not in registered form Tax Rate 12 of sales price Number of persons 3 per person Amount of obligations For Privacy Act and Paperwork Reduction Act Notice see the separate instructions. Attach Form 6197. Check if one-time filing. Vaccines see instructions Foreign Insurance Taxes Policies issued by foreign insurers Casualty insurance and indemnity bonds Life insurance sickness and accident policies and annuity contracts...Reinsurance Total* Add all amounts in Part I. Complete Schedule A unless one-time filing. Premiums paid Sport fishing equipment other than fishing rods and fishing poles Fishing rods and fishing poles limits apply see instructions Electric outboard motors Fishing tackle boxes Bows quivers broadheads and points Arrow shafts Indoor tanning services 64 Inland waterways fuel use tax 125 LUST tax on inland waterways fuel use see instructions 51 Alcohol and cellulosic biofuel sold as but not used as...fuel 117 Biodiesel sold as but not used as fuel 20 Floor Stocks Tax Ozone-depleting chemicals floor stocks.

Instructions and Help about IRS 720

How to edit IRS 720

How to fill out IRS 720

Instructions and Help about IRS 720

How to edit IRS 720

Editing the IRS 720 form can be crucial for ensuring accurate information before submission. To edit this form, access it in a PDF editor that supports form fields. Tools like pdfFiller can assist you in making necessary changes easily. After editing, ensure to save your changes to prevent data loss.

How to fill out IRS 720

To fill out IRS 720 accurately, follow these steps:

1. Obtain the form from the official IRS website or a trusted source.
2. Read the instructions carefully to understand what information is required.
3. Complete all required sections, providing accurate financial details.
4. Review the form for any errors or omissions before submission.
5. Sign and date the form where indicated.

About IRS previous version

What is IRS 720?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

Due date

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

About IRS previous version

What is IRS 720?

IRS 720 is a tax form used by businesses to report certain types of payments and transactions that are subject to excise taxes. This form is crucial for compliance with federal regulations related to various transactions. Typically used by businesses involved in hazardous activities, it helps the IRS track taxes owed on such transactions.

What is the purpose of this form?

The purpose of IRS 720 is to report and pay excise taxes on certain activities including environmental taxes, fuel taxes, and communications taxes. Filing this form timely ensures that businesses meet their tax obligations, avoiding potential penalties and interest charges. Accurate reporting helps maintain compliance and supports government revenue efforts.

Who needs the form?

Businesses engaged in specific activities that incur excise taxes are required to file IRS 720. This includes manufacturers or sellers of certain goods, providers of services subject to excise taxes, and any entity involved in activities like transportation or fuel sales. It is essential for taxpayers in these categories to understand their obligations regarding this form.

When am I exempt from filling out this form?

Exemptions from filing IRS 720 may apply under certain conditions. For instance, companies that do not engage in activities subject to excise taxes, such as retail sales without applicable taxes, may not need to file. Additionally, organizations that qualify under specific IRS regulations may also be exempt. It is important to consult current IRS guidelines to confirm eligibility for exemption.

Components of the form

The IRS 720 form consists of several key components including sections for reporting various types of taxes owed, payment summaries, and certification of accuracy. Each section requires specific information related to the excise tax obligations of the business. Understanding these components is vital for accurate completion to prevent issues with tax compliance.

Due date

The IRS 720 must be filed quarterly, typically due on the last day of the month following the end of each quarter. For example, the first quarter's form is due by April 30. Failing to meet these deadlines can result in penalties or interest on unpaid taxes, making timely filing essential for compliance.

What are the penalties for not issuing the form?

Not issuing IRS 720 can lead to substantial penalties imposed by the IRS. These can include a failure-to-file penalty, which is calculated based on the amount of tax that remains unpaid, as well as interest on any overdue taxes. Businesses may face increased scrutiny and potential audits if forms are not submitted as required.

What information do you need when you file the form?

When filing IRS 720, you will need specific information including your Employer Identification Number (EIN), a detailed account of excise tax liabilities, and any necessary documentation supporting your claims. Accurate record-keeping throughout the year will simplify the filing process and help in gathering all required information efficiently.

Is the form accompanied by other forms?

IRS 720 may need to be accompanied by other forms depending on the type of excise tax being reported. For instance, forms related to specific fuel excise taxes or communications-related taxes may be required. It is important to verify which additional forms, if any, must be filed alongside IRS 720 to ensure complete compliance.

Where do I send the form?

The completed IRS 720 should be sent to the appropriate address specified in the form instructions. This typically includes facilities dedicated to processing excise taxes. Filers can also check the IRS website for updates regarding submission addresses, especially if they utilize electronic filing methods.

FAQ about IRS 720

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What is IRS 720?

IRS Form 720 is a quarterly federal excise tax return used to report and pay excise taxes imposed by the Internal Revenue Service (IRS) on certain goods, services, and activities.

Who is required to file IRS 720?

Businesses and individuals who are liable for federal excise taxes on specific items or services, such as fuel, air transportation, or environmental taxes, are required to file IRS Form 720.

How to fill out IRS 720?

To fill out IRS Form 720, taxpayers should gather their financial information related to excise taxes, complete the appropriate sections of the form based on the applicable tax categories, calculate the total taxes owed, and then sign and date the form before filing it with the IRS.

What is the purpose of IRS 720?

The purpose of IRS Form 720 is to report and pay federal excise taxes to the IRS, ensuring compliance with tax regulations related to specific goods and services.

What information must be reported on IRS 720?

IRS Form 720 requires information about the taxpayer's identification, the types of excise taxes being reported, total amounts of taxable goods or services, and the calculation of the total excise taxes owed.