Get the free Instructions for Form 720. Quarterly Federal Excise Tax Return

Department of the Treasury Internal Revenue Service Instructions for Form 720 (Revised April 1995) Quarterly Federal Excise Tax Return Section references are to the Internal Revenue Code unless otherwise

How to fill out instructions for form 720

Instructions for filling out Form 720:

1. Start by gathering all the necessary information and documents required to complete the form. This includes information about your business, such as its name, address, and taxpayer identification number.
2. Carefully read the instructions provided by the IRS for Form 720. These instructions will guide you through the process of completing each section of the form accurately.
3. Begin with the General Information section at the top of the form. Provide the required details about your business, including the quarter and year for which you are filing the form.
4. Proceed to Part I of the form, which deals with the Environmental Taxes. If applicable, enter the amounts for each tax category, such as petroleum spill tax and ozone-depleting chemicals tax, based on the instructions provided.
5. Move on to Part II, which relates to the Communications and Air Transportation Taxes. Follow the instructions carefully to report any taxable amounts for these specific taxes, such as aviation fuel tax or excise tax on air transportation of persons.
6. Next, complete Part III for the Fuel Taxes. Depending on the type of fuel your business uses or sells, you may need to report excise taxes on gasoline, diesel fuel, or other related fuel types. Enter the relevant information as instructed.
7. If your business is involved in indoor tanning services, proceed to Part IV and report any amounts subject to the Indoor Tanning Services Tax.
8. Finally, review your completed form for accuracy. Double-check all the information provided, calculations made, and attachments included, if any. Make sure you have signed and dated the form before submitting it to the IRS.

Who needs instructions for form 720?

1. Taxpayers who are engaged in businesses subject to specific excise taxes, such as those related to environmental concerns, communications and air transportation, fuel use, or indoor tanning services.
2. Individuals or entities required to report these excise tax liabilities for a specific quarter and year to the IRS.
3. Businesses or individuals seeking guidance on accurately completing and filing Form 720 to ensure compliance with IRS regulations and avoid potential penalties or audits.

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What is instructions for form 720?

Form 720 instructions provide guidance on how to fill out and file Form 720, which is used to report and pay excise taxes.

Who is required to file instructions for form 720?

Businesses and individuals engaged in specific activities subject to excise taxes are required to file instructions for Form 720.

How to fill out instructions for form 720?

To fill out instructions for Form 720, gather the necessary information, complete the sections according to the provided instructions, and submit the form to the IRS.

What is the purpose of instructions for form 720?

The purpose of instructions for Form 720 is to provide taxpayers with guidelines on how to accurately report and pay excise taxes.

What information must be reported on instructions for form 720?

Instructions for Form 720 require reporting of specific excise taxes, such as those related to fuel, tobacco, and certain goods and services.