Get the free Instructions for Form 720 (Rev. January 2015). Instructions for Form 720, Quarterly ...

Instructions for Form 720 Department of the Treasury Internal Revenue Service (Rev. January 2015) Quarterly Federal Excise Tax Return Section references are to the Internal Revenue Code unless otherwise

How to fill out instructions for form 720

How to fill out instructions for form 720

1. Read the instructions provided by the IRS for Form 720 to familiarize yourself with the form and its requirements.
2. Gather all the necessary information and documents needed to complete Form 720, such as your employer identification number (EIN), business details, and the quarterly excise tax liabilities.
3. Start by filling out the basic information section, including your name, address, and contact details.
4. Proceed to the Schedule A section and report the specific excise tax activities and liabilities for each quarter.
5. Move on to Schedule T and report any previous tax deposits or credits that can be applied to the current quarter.
6. If applicable, fill out Schedule C for any claims or refunds related to previously reported quarters.
7. Calculate the total excise tax liability for the quarter and enter it in the designated section.
8. Review and double-check all the information provided to ensure accuracy and completeness.
9. Sign and date the form.
10. Submit the completed Form 720 to the IRS according to the instructions provided, which may include mailing it to the appropriate address or filing electronically.

Who needs instructions for form 720?

1. Businesses and individuals who are liable for specific federal excise taxes need instructions for Form 720.
2. These excise taxes can include taxes on the sale of certain goods or services, such as gasoline, tobacco, alcohol, air transportation, or telecommunications.
3. In general, anyone who engages in activities subject to excise taxes and meets the threshold requirements set by the IRS is required to file Form 720 and may need instructions to accurately complete it.
4. This form is particularly relevant for businesses involved in industries that require excise tax reporting, but individuals with specific excise tax liabilities may also need instructions.

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What is instructions for form 720?

Form 720 is a quarterly federal excise tax return required to be filed by businesses that deal with certain products and services.

Who is required to file instructions for form 720?

Businesses that deal with specific products and services such as gasoline, tobacco, firearms, and air transportation services are required to file form 720.

How to fill out instructions for form 720?

Instructions for form 720 can be filled out by entering the relevant information about the excise taxes owed based on the products or services sold.

What is the purpose of instructions for form 720?

The purpose of form 720 is to report and pay excise taxes owed on certain products and services in a timely manner.

What information must be reported on instructions for form 720?

Information such as the amount of excise tax owed, the type of product or service being sold, and any credits or deductions that apply must be reported on form 720.