Get the free Instructions for Form 720 Rev October 2013 - irs

Instructions for Form 720 Department of the Treasury Internal Revenue Service (Rev. October 2013) Quarterly Federal Excise Tax Return Future Developments To get more information about FTPS or to enroll

How to fill out instructions for form 720

How to Fill Out Instructions for Form 720:

1. Read the instructions carefully: Start by reading the instructions provided with Form 720. This will give you a comprehensive understanding of the form and its requirements.
2. Gather necessary information: Collect all the necessary information required to fill out Form 720. This may include details about your business, the activities you engage in, and any taxable products or services you provide.
3. Fill out the top section: Begin by filling out the top section of Form 720, which includes your business name, address, employer identification number (EIN), and the quarter you are filing for.
4. Complete Part I: In Part I, you will provide details about any taxable products or services you offer. This may include excise taxes on goods such as alcohol, tobacco, gasoline, or environmental taxes.
5. Proceed to Part II: Part II of Form 720 is dedicated to the Patient-Centered Outcomes Research Institute (PCORI) fee. This fee applies to certain self-insured health plans and should be accurately calculated and reported.
6. Fill out Part III: Part III involves the reporting of the Federal Communications Commission (FCC) regulatory fee, which applies to entities operating in the communication industry. Provide the necessary details regarding your company's activities and calculate the fee accurately.
7. Complete Part IV: In Part IV, you will report the amounts paid for indoor tanning services, also known as the tanning tax. Provide the required information and calculate the tax owed accordingly.
8. Proceed to Part V: Part V of Form 720 requires reporting the excise taxes on crude oil, petroleum, and certain imported substances. If your business is involved in these activities, provide the relevant information and calculate the taxes owed.
9. Review and double-check: Before submitting your form, carefully review all the information you have provided. Ensure accuracy, completeness, and proper calculations. Make any necessary corrections or adjustments.

Who needs instructions for Form 720?

Those who engage in taxable activities specified in Form 720 may need instructions to ensure accurate completion. Businesses involved in the production, sale, or importation of excise taxable goods, such as alcohol, tobacco, gasoline, indoor tanning services, crude oil, petroleum products, or those subject to PCORI or FCC fees, will benefit from understanding the instructions thoroughly. Overall, anyone required to file Form 720 should refer to the instructions for guidance to meet their tax obligations accurately.

For pdfFiller’s FAQs

What is instructions for form 720?

Form 720 is used to report quarterly federal excise tax liabilities. The instructions for Form 720 provide guidance on how to fill out the form correctly.

Who is required to file instructions for form 720?

Businesses that engage in activities subject to federal excise taxes are required to file Form 720 and follow the instructions provided.

How to fill out instructions for form 720?

To fill out Form 720, businesses need to provide information on the excise taxes they owe based on their activities. The instructions provide step-by-step guidance on completing the form.

What is the purpose of instructions for form 720?

The purpose of the instructions for Form 720 is to help businesses accurately report their federal excise tax liabilities in order to comply with tax laws.

What information must be reported on instructions for form 720?

Businesses need to report information on the types of excise taxes they owe, the amounts owed, and any credits or refunds they are entitled to on Form 720.

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