IRS 720 2012 free printable template

Quarterly Federal Excise Tax Return Form Rev. April 2012 Department of the Treasury Internal Revenue Service Check here if Final return Address change OMB No. 1545-0023 For information about Form 720 and its instructions go to www.irs.gov/form720. 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 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 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 other than removal at terminal rack Any liquid fuel used in a fractional ownership program aircraft Aviation gasoline Liquefied petroleum gas LPG P Series fuels Compressed natural gas CNG GGE 126. 67 cu. ft. Liquefied hydrogen Fischer-Tropsch process liquid fuel from coal including peat Liquid...fuel derived from biomass Liquefied natural gas LNG Retail Tax Truck trailer and semitrailer chassis and bodies and tractors Number of persons Ship Passenger Tax Amount of obligations Other Excise Tax Obligations not in registered form For Privacy Act and Paperwork Reduction Act Notice see the separate instructions. Tax Rate 12 of sales price 3 per person Cat. No. 10175Y Form 720 Rev. 4-2012 Page Manufacturers Taxes Sales price 1. See the Instructions for Form 720. 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 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 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 other than removal at terminal rack Any liquid fuel used in a fractional ownership program aircraft Aviation gasoline Liquefied petroleum gas LPG P Series fuels Compressed natural gas CNG GGE 126.

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

To edit IRS 720, ensure that you have the latest version of the form downloaded. Utilize a PDF editor to make necessary changes to the fields directly on the form. After edits, verify the accuracy of the information provided to prevent any discrepancies during submission.

How to fill out IRS 720

To fill out IRS 720, gather all necessary documentation related to the transactions that require reporting. Follow these steps:

1. Open the IRS 720 form.
2. Complete identifying information at the top of the form, including your name and employer identification number (EIN).
3. Enter the taxable purchases and payments in the appropriate sections.
4. Review the filled sections for accuracy.

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

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 an application form used by businesses to report and remit certain taxes, specifically the federal excise tax on specific goods and services. This form allows taxpayers to reconcile these taxes on a quarterly basis, ensuring compliance with federal tax laws. It is crucial for entities engaged in transactions subject to excise taxes.

What is the purpose of this form?

The purpose of IRS 720 is to facilitate the reporting and payment of specific excise taxes levied on various products, including gasoline, environmental taxes, and certain services. By filing this form, businesses can accurately report their tax liabilities based on taxable activities. It helps the IRS to track and collect these taxes effectively.

Who needs the form?

Businesses that manufacture or import products subject to excise taxes are required to file IRS 720. Additionally, any entity that pays federal excise tax on specific purchases must also complete this form. Examples of filers include those in telecommunications, transportation, and certain manufacturing sectors.

When am I exempt from filling out this form?

You are exempt from filing IRS 720 if your business does not engage in activities subject to excise taxes. Furthermore, if your business transactions do not exceed certain financial thresholds, you may not be required to submit this form. Always verify with IRS guidelines to confirm your exemption status.

Components of the form

IRS 720 consists of several key components, including sections for reporting different types of excise taxes, calculations, and payment instructions. It typically includes fields for identifying information, tax amounts owed, and declaration statements. Understanding each component is essential for accurate and complete form submission.

What are the penalties for not issuing the form?

Failure to file IRS 720 can result in significant penalties, including monetary fines and interest on unpaid taxes. The IRS may impose a failure-to-file penalty, which typically ranges based on the duration of the delay in submission. Consistently failing to file may also lead to more severe penalties, including audits or other enforcement actions.

What information do you need when you file the form?

When filing IRS 720, you need to gather essential information such as your business's name, contact details, and employer identification number (EIN). Additionally, you must have a record of any taxable transactions, including invoices or receipts that document the purchases and payments subject to excise tax.

Is the form accompanied by other forms?

IRS 720 does not generally require accompanying forms for its submission. However, if specific transactions involve additional excise taxes, you may need to complete supplementary forms that align with those specific tax obligations. Always check the IRS guidelines for any updates regarding additional required documentation.

Where do I send the form?

Completed IRS 720 forms should be sent to the address specified in the form's instructions. Generally, this is based on your business's location. Ensure that you send the form to the correct address to avoid delays in processing or confusion regarding your tax liabilities.

FAQ about IRS 720

What steps should I take if I realize I made an error on my submitted irs form 720 2012?

If you discover an error after submitting the irs form 720 2012, you can file an amended return. It's essential to clearly indicate on the amended form that it is a correction and to follow the IRS instructions for corrections. Make sure to submit this as soon as possible to rectify any issues and minimize potential penalties.

How can I verify the processing status of my irs form 720 2012 once submitted?

To track the status of your irs form 720 2012, you can use the IRS online tracking system or contact the IRS directly for updates. Be prepared to provide your personal details and specifics about your submission, such as the date filed, to assist in retrieving your status. It's wise to check regularly to ensure it’s being processed correctly.

What should I do if I receive a notice from the IRS after submitting my irs form 720 2012?

Upon receiving a notice from the IRS regarding your irs form 720 2012, read it carefully to understand its purpose. Respond promptly, providing any requested information or clarification and including any supporting documentation. If you're uncertain about the response, consider consulting with a tax professional for guidance.

Are there any common errors to watch out for when filing the irs form 720 2012?

Common errors when filing the irs form 720 2012 include incorrect payment amounts, failure to sign the form, and submitting it without the necessary attachments. Carefully reviewing your entries against IRS guidelines before submission can significantly reduce the likelihood of mistakes.