See Where To File in the Instructions for Form 720. Detach here and mail with your payment and Form 720. Don t file Form 720-V if you re paying the balance due on line 10 of Form 720 using EFTPS. Specific Instructions Box 1. 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 re 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. Deposits made for the quarter. Overpayment from previous quarters. Enter the amount from Form 720-X included on line 6 if any. Box 2. Enter the amount paid from line 10 of Form 720. Box 3. Darken the circle identifying the quarter for which the payment is made. Don t send cash. Don t...staple this voucher or your payment to the return or to each other. Detach the completed voucher and send it with your payment and Form 720. Quarterly Federal Excise Tax Return Form Rev. December 2023 Department of the Treasury Internal Revenue Service Check here if Final return Address change OMB No. 1545-0023 See the Instructions for Form 720. Go to www*irs*gov/Form720 for instructions and the latest information* Name Quarter ending FOR IRS USE ONLY 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 or town state or province country and ZIP or foreign postal code Part I Environmental Taxes attach Form 6627 ODCs are ozone-depleting chemicals Domestic petroleum superfund tax Imported petroleum products superfund tax Chemicals other than ODCs Imported chemical substances ODCs ODC tax on imported products Communications and Air Transportation Taxes see instructions 22 Local telephone service and...teletypewriter exchange service 26 Transportation of persons by air 27 Use of international air travel facilities Number of gallons Fuel Taxes a Diesel tax on removal at terminal rack 60 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 104 Diesel-water fuel emulsion 105 Dyed diesel LUST tax 107 Dyed kerosene LUST tax 119 LUST tax other exempt removals see instructions 35 a Kerosene tax on removal at...terminal rack see instructions b Kerosene tax on taxable events other than removal at terminal rack 69 Kerosene for use in aviation see instructions 111 Kerosene for use in aviation LUST tax on nontaxable uses 79 Other fuels see instructions 62 a Gasoline tax on removal at terminal rack b Gasoline tax on taxable events other than removal at terminal rack 13 Any liquid fuel used in a fractional ownership program aircraft see instructions 14 Aviation gasoline 112 Liquefied petroleum gas LPG see...instructions 118 P Series fuels 120 Compressed natural gas CNG see instructions 121 Liquefied hydrogen 122 Fischer-Tropsch process liquid fuel from coal including peat 123 Liquid fuel derived from biomass 124 Liquefied natural gas LNG see instructions Tax IRS No* 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
How to fill out IRS 720
Instructions and Help about IRS 720
How to edit IRS 720
Editing the IRS 720 tax form requires careful attention to detail. To make changes, you can print out the existing form and manually adjust the information, or utilize pdfFiller’s editing tools for digital adjustments. Ensure all data is accurate before re-submitting.
How to fill out IRS 720
To fill out IRS 720, begin by gathering all necessary information regarding your payments and purchases related to the applicable taxes. Follow these steps to ensure accurate completion:
01
Download the IRS 720 form from the IRS website or use pdfFiller.
02
Fill in your name, address, and taxpayer identification number.
03
Indicate the specific tax period for which you are filing the form.
04
Report the required payments and purchases according to the appropriate lines on the form.
05
Review and verify all entered information before submission.
About IRS previous version
What is IRS 720?
The IRS 720 form is a quarterly Federal Excise Tax Return used to report excise taxes owed. The form is crucial for businesses that sell certain goods or services subject to federal excise tax, such as fuel and certain kinds of insurance.
Who needs the form?
The form is required for any business that produces or sells taxable goods and services defined by federal excise tax regulations. This includes companies involved in the sale of fuel, heavy trucks, or certain types of communications equipment.
Components of the form
The IRS 720 consists of various sections designed to capture specific information about the business's excise tax obligations. These components include details about the taxpayer, taxable liabilities, and payment calculations, laid out in a clear structure to facilitate accurate reporting.
What payments and purchases are reported?
This form reports federal excise taxes related to various goods and services, including but not limited to fuel taxes, environmental taxes, and communications taxes. It’s essential for filers to accurately categorize the types of taxes being reported to ensure compliance.
What information do you need when you file the form?
When filing IRS 720, you will need your business name, address, employer identification number (EIN), and accurate figures regarding excise tax liabilities. Additionally, supporting documentation might be necessary for verification purposes.
Where do I send the form?
The completed IRS 720 should be sent to the address specified in the form instructions. Generally, this will be a designated IRS office based on your business's location. Ensure that you check the latest submission guidelines to avoid delays.
What is the purpose of this form?
The purpose of IRS 720 is to collect taxes on specific products and services, ensuring compliance with federal regulations. It allows the IRS to track the total amount owed and collected on these excise taxes throughout the year.
When am I exempt from filling out this form?
Businesses may be exempt from filing IRS 720 if their excise tax liability for the quarter is zero or if they do not engage in activities that incur federal excise taxes. Additionally, certain small beverage manufacturers may have specific exemptions.
Due date
IRS 720 is due quarterly, with specific deadlines for submission. Generally, these due dates fall on the last day of the month following the end of each calendar quarter: April 30, July 31, October 31, and January 31 of the following year.
How many copies of the form should I complete?
Typically, you only need to file one copy of the IRS 720 form with the IRS. However, retaining a copy for your records is crucial for reference and in case of any audits or discrepancies.
What are the penalties for not issuing the form?
Failure to submit IRS 720 by the due date can result in penalties, including fines and interest on unpaid taxes. The IRS may charge both a failure-to-file penalty and a failure-to-pay penalty, which increases the overall tax liability considerably over time.
Is the form accompanied by other forms?
IRS 720 can sometimes be filed alongside other related forms if additional taxes or situations apply. Review IRS guidelines to determine if supplemental forms are needed based on your specific circumstances.
FAQ about IRS 720
How can I correct mistakes on my IRS 720 after submission?
If you need to correct errors on your IRS 720 after submission, you must file an amended version of the form. It's crucial to clearly indicate the changes made and ensure you follow the IRS guidelines for corrections. Additionally, keep records of both the original and amended forms for your files.
What should I do if my e-filed IRS 720 is rejected?
In case your e-filed IRS 720 is rejected, review the rejection code provided by the IRS for specific errors. You will need to correct the issues and resubmit the form. Quick actions are essential to avoid delays in processing your submission.
How long should I retain records related to the IRS 720?
For IRS 720 filings, it is recommended to retain records for at least three years from the date of filing. This duration ensures compliance during potential audits and verifies your submitted information if needed in the future.
What steps should I take if I receive a notice regarding my IRS 720?
If you receive a notice from the IRS concerning your IRS 720, carefully read the correspondence to understand the reason. Gather any documentation requested and respond promptly, as timely communication can help resolve the situation efficiently.
Are there any common errors to avoid when filing the IRS 720?
Common errors when filing IRS 720 include incorrect tracking numbers and failing to report accurate payment amounts. Double-checking your entries and keeping up with IRS updates can significantly reduce the risk of making such mistakes.
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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.
