Detach Here and Mail With Your Payment and Form 720. 720-V Box 2. Enter the amount paid from line 10 of Form 720. Do not file Form 720-V if you are paying the balance due on line 10 of Form 720 using EFTPS. Specific Instructions Box 1. If you downloaded the Form 720 Rev. April 2017 before July 3 2017 please note that on page 2 under IRS No. 33 the rate is corrected to 12 of the sales price not 12 of the sales tax. Add amounts on lines 1 through 14. Enter the result here and on Form 720 Part III...line 4. Form 720-V Payment Voucher Purpose of Form Complete Form 720-V if you are making a payment by check or money order with Form 720 Quarterly Federal Excise Tax Return. We will use the completed voucher to credit your payment more promptly and accurately and to improve our service to you. Be sure to enter your EIN SSN for one-time filing Form 720 and the tax period on your check or money order. Information about Form 720 and its separate instructions is at www.irs.gov/form720. FOR IRS USE...ONLY Name Quarter ending Number street and room or suite no. Two-Party Exchange Information Reporting see instructions Fuel Diesel fuel gallons received in a two-party exchange within a terminal included on IRS No. 60 a on Form 720 Kerosene gallons received in a two-party exchange within a terminal included on IRS No. 35 a 69 77 or 111 on Form 720 Gasoline gallons received in a two-party exchange within a terminal included on IRS No. 62 a on Form 720 included on IRS No. 14 on Form 720 Claims...Month your income tax year ends Complete Schedule C for claims only if you are reporting liability in Part I or II of Form 720. Quarterly Federal Excise Tax Return Form Rev. April 2017 Department of the Treasury Internal Revenue Service Check here if Final return Address change OMB No. 1545-0023 See the Instructions for Form 720. If you have a P. O. box see the instructions. Employer identification number T FF FD FP I City or town state or province country and ZIP or foreign postal code 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 tax on removal at terminal rack b Diesel tax on taxable events other than removal at...terminal rack c Diesel tax on sale or removal of biodiesel mixture not at terminal rack Diesel-water fuel emulsion Dyed diesel 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 Any liquid fuel used in a fractional ownership program aircraft Aviation gasoline Liquefied petroleum gas LPG see...instructions P Series fuels Compressed natural gas CNG see instructions Liquefied hydrogen Fischer-Tropsch process liquid fuel from coal including peat Liquid fuel derived from biomass Liquefied natural gas LNG see instructions For Privacy Act and Paperwork Reduction Act Notice see the separate instructions.
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Instructions and Help about IRS 720
How to edit IRS 720
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How to fill out IRS 720
Filling out the IRS 720 form involves several steps. First, gather all required information related to the taxable activities you need to report. Then, follow these steps:
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Access the form via pdfFiller.
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Input your identifying information, such as your name and address.
03
Report the applicable taxes, deductions, and credits on the appropriate lines.
04
Verify all data for accuracy before final submission.
About IRS previous version
What is IRS 720?
IRS Form 720, the Quarterly Federal Excise Tax Return, is used by businesses to report and pay federal excise taxes. The form covers a variety of specific excise taxes, including those on environmental taxes and communications that are imposed on certain goods and services.
Who needs the form?
Businesses and organizations that engage in activities or transactions subject to federal excise taxes are required to file IRS Form 720. This includes but is not limited to manufacturers, importers, and retailers of products such as fuel, alcohol, and certain other goods. If your business does not participate in such activities, you do not need to file this form.
Components of the form
The IRS 720 form consists of several parts, including identification details, specific excise tax calculations, and payment details. Each section requires the filer to accurately report their tax liabilities for the quarter. Understanding each component is essential to ensure correct completion.
What are the penalties for not issuing the form?
Penalties for failing to file IRS Form 720 can include substantial fines and interest on unpaid excise taxes. The IRS may impose additional penalties for inaccuracies or intentional neglect. It’s essential to file accurately and on time to avoid these significant repercussions.
Is the form accompanied by other forms?
Typically, IRS Form 720 stands alone for excise tax reporting; however, it may require attachments depending on the nature of the taxes being reported. Consult IRS guidelines or a tax professional to determine if any supplemental documentation is necessary for your specific filing situation.
What is the purpose of this form?
The purpose of IRS Form 720 is to report and remit federal excise taxes that businesses owe. This form is crucial for maintaining compliance with U.S. tax laws related to specific activities or purchases that attract excise taxes. Using the form ensures that federal excise tax liabilities are satisfied promptly.
When am I exempt from filling out this form?
Exemptions from filing IRS Form 720 apply to certain organizations and entities, including nonprofits not subject to excise taxes and businesses that do not engage in taxable activities. Additionally, if you do not owe any excise taxes for a particular quarter, you are not required to file.
What payments and purchases are reported?
Payments and purchases reported on IRS Form 720 typically include transactions subject to federal excise taxes. This includes motor fuels, heavy vehicles, and the removal or sale of ozone-depleting substances. Filers must be certain that any applicable activities are reported accordingly.
What information do you need when you file the form?
When filing IRS Form 720, you will need several key pieces of information, including your business identification number, specifics about taxable sales or activities, and any previous forms filed. Accurate information is vital to ensure compliance and avoid penalties.
Where do I send the form?
Once completed, IRS Form 720 should be mailed to the address specified in the form's instructions. The destination may vary based on the type of payment you are remitting. Ensure that you check the latest instructions from the IRS for the correct mailing address.
FAQ about IRS 720
What should I do if I realize I made a mistake on my IRS 720 after filing?
If you discover an error on your IRS 720 after submission, it's crucial to file an amended return. You should prepare a corrected IRS 720 using the appropriate procedures outlined by the IRS, ensuring to indicate clearly that it's an amendment on the submission. This process helps to rectify any inaccuracies and maintain compliance with IRS regulations.
How can I verify if my IRS 720 has been received and is being processed?
To track the status of your submitted IRS 720, you can utilize the IRS online tools available for checking submission statuses. Be aware of any common e-file rejection codes you might encounter, as these can impact processing. If you experience issues, contact the IRS directly for assistance in clarifying your submission status.
Are e-signatures acceptable on the IRS 720?
Yes, e-signatures are acceptable on the IRS 720, provided they comply with IRS guidelines regarding electronic signatures. Make sure you're familiar with the privacy and data security measures that apply to e-filed documents to protect sensitive information. Maintaining secure records is also essential for your documents.
What should I do if I receive a notice from the IRS regarding my IRS 720?
If you receive a notice or letter from the IRS about your IRS 720, it's vital to respond promptly and thoroughly. Gather the necessary documentation to address the inquiry and follow any instructions provided in the notice. This proactive approach can help resolve any issues efficiently, ensuring your compliance is maintained.
What common errors should I watch out for when filing the IRS 720?
When filing the IRS 720, be wary of typical mistakes such as incorrect data entry, failure to sign and date the form, and discrepancies in reported payment amounts. Double-checking your entries and following the guidelines can help minimize these errors, ultimately aiding in the smooth processing of your IRS return.
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Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
