Form 720 is used for reporting and paying excise taxes on various goods and services, like fuel, air transportation and communications, ozone-depleting chemicals, and more.
pdf.net offers an editable Form 720, which you can instantly open in our editor and fill out with the required information. Once you finish, all you should do is save the document to your device and prepare it for submission in a hassle-free way!
Form 720 is used for reporting and paying excise taxes on various goods and services, like fuel, air transportation and communications, ozone-depleting chemicals, and more.
pdf.net offers an editable Form 720, which you can instantly open in our editor and fill out with the required information. Once you finish, all you should do is save the document to your device and prepare it for submission in a hassle-free way!
Step 1: Open Form 720 in our PDF editor.
Step 2: Fill out your details (name, address, quarter ending, EIN).
Step 3: Report your taxes and tax amounts in Parts I and II, according to the Form 720 instructions.
Step 4: Calculate your total tax liability in Part III and sign the document.
Step 5: Fill out Schedules A, T, or C and attach Form 6627 if applicable.
Step 6: Complete the payment voucher and submit the form.
Form 720 is used to report excise taxes on goods and services, like petroleum and other taxable chemicals, communications and air transport, fuel, and more. This form includes a payment voucher, too, allowing you to fulfill your responsibility immediately.
Form 720 should be used by businesses that sell, manufacture, or import goods and services to which excise taxes apply. That includes fuel companies, air transportation providers, certain retailers, and others.
Form 720 is a quarterly form, so it’s due at the end of each quarter of a calendar year. More specifically, the due dates are as follows:
If any of these dates fall on a weekend or a national holiday, you can file the form on the next business day.
If Form 720 isn’t submitted, you’ll face penalties and accruing interest for each month that the tax is late. There are two penalties you may be subject to: failure to file and failure to pay. The former is 5% of the unpaid tax amount per month, with a maximum of 25%, while the latter is 0.5% of the unpaid tax per month.
You may also face a trust fund recovery penalty if your business collects taxes but doesn’t pay them to the IRS, or willfully doesn’t collect them. In this case, the penalty is the full tax amount.
You should file Form 720 with the IRS, either using the mailing address provided on the official website or one of the IRS-approved e-filing services for excise taxes.
1
2
3
You can get a blank Form 720 from pdf.net or the official IRS website. Both are easy to open in our editor and fill out, but it’s much faster to do so with our form, which requires just one click.
You can submit Form 720 electronically if you use one of the IRS-approved services for e-filing excise taxes. All the information about these services is available on the official IRS website.
If your Form 720 is missing information, you should amend the return as soon as possible to avoid potential penalties. This is relatively easy to do; file the Amended Quarterly Federal Excise Tax Return, Form 720-X, and provide the correct details. Use a Form 720 sample as guidance if you need any further help.
You can fill out your Form 720 online using our PDF editor and simply type the information directly into the empty fields.
This form is free to view and edit, but you can’t download it without purchasing a subscription. Check out our pricing page for more information.
You can correct mistakes on Form 720 by submitting Form 720-X and updating the incorrect information.
The time it takes to process Form 720 depends on whether you filed it electronically or by mail. The former is faster and typically takes only up to three weeks, while the latter may take anywhere between six and eight.
Form 720 is moderately hard to fill out, as it requires detailed record-keeping and involves many calculations. According to the official IRS estimate, it takes an hour and 5 minutes to complete this document on average.