If you own a business that deals in goods and services subject to excise tax, you must prepare a Form 720 quarterly to report the tax to the IRS. The federal government charges an excise tax on specific types of products and services, and in some ways resembles a state sales tax.
Do I need IRS Form 720?
If your small business deals in goods and services that are subject to excise tax — like air transportation, fishing equipment or gasoline — then you’ll have to complete IRS Form 720, which must be filed with the IRS on a quarterly basis in order for your business to report and pay your federal excise tax liability.
Where does form 720 get mailed?
More In File
| Form Name (For a copy of a Form, Instruction, or Publication) | Address to Mail Form to IRS: |
|---|---|
| Form 720 Quarterly Federal Excise Tax Return | Department of the Treasury Internal Revenue Service Ogden, UT 84201-0009 |
| Form 730 Tax on Wagering | Department of the Treasury Internal Revenue Service Ogden, Utah 84201-0100 |
Can I file Form 720 online?
Form 720, Quarterly Federal Excise Tax Return is also available for optional electronic filing. Simply make your selection through an IRS-approved software provider and join millions of taxpayers enjoying the convenience and ease of online filing, immediate acknowledgement of receipt and faster service.
Can you extend Form 720?
A six month extension for pass-through entities, including S-corporation (720S, 765, 725 and 725EZ), and a seven month extension of time to file a Kentucky corporation income tax and/or LLET return for corporations (Form 720 or 720U) may be obtained by either making a specific request to the Department of Revenue or …
How do I fill out Form 720?
How to fill out Form 720
- Enter your business’s information. Let’s start slowly with your business’s information.
- Fill in part one.
- Fill out Schedule A.
- Fill out part two.
- Fill out Schedule T and Schedule C.
- Fill out part three.
- File Form 720.
Where do I Send my Form 720 tax return?
Send Form 720 to: Department of the Treasury Internal Revenue Service Ogden, UT 84201-0009. How To File. If you aren’t reporting a tax that you normally report, enter a zero on the appropriate line on Form 720, Part I or II. Also, if you have no tax to report, write “None” on Form 720, Part III, line 3; sign and date the return.
What is the purpose of the Form 720?
Purpose of Form Use Form 720 and attachments to report your liability by IRS No. and pay the excise taxes listed on the form. If you report a liability on Part I or Part II, you may be eligible to use Schedule C to claim a credit. Who Must File See Patient-centered outcomes research (PCOR) fee (IRS No. 133) in Part II for special rules about
What do I need to send the IRS?
Here’s what goes in the package: a copy of your Form 1095A provided by your Marketplace a completed Form 8962 a copy of the corrected second page from your original return that shows the “Tax and Credits” and “Payments” sections. A copy of the LTR 0012.
Do you have to report PCOR on Form 720?
Form 720 only to report the PCOR fee, no filing is required in other quarters unless you have to report other fees or taxes. If you have adjustments to liabilities reported for prior quarters, see Form 720-X, Amended Quarterly Federal Excise Tax Return. Don’t enter adjustments on Form 720. If you attach additional sheets, write your name and EIN
