File Form 720 & 8849 Electronically Due to reduced staffing and backlogs, the IRS has advised that paper filings may experience significant delays. Therefore, taxpayers are encouraged to file Form 720 and 8849 electronically through IRS-authorized portals to receive instant acknowledgment and timely receipts.
Simple720 is an IRS-approved system for filing Form 720 and Form 8849 excise tax returns online. The IRS has stated that electronic filing is the preferred method, as paper submissions are facing major delays and, in some cases, aren't being processed at all.
The platform helps you prepare your taxes electronically, automatically calculates the tax for all applicable categories, and securely sends your forms to the IRS through an approved system. You’ll get official IRS acknowledgment within minutes.
Simple720 is officially SOC 2 certified, ensuring that taxpayers' information is stored securely. It is fully compliant with the IRS, providing accurate, timely, and exclusively electronic excise tax reporting.
Federal excise tax is a tax imposed on specific goods, services, and activities that are harmful to the environment. It applies to items such as fuel, chemicals, alcohol, and services like air transportation and heavy vehicle use. Businesses that manufacture, sell, or use these taxable goods and services are required to file Form 720 to report and pay excise taxes.
Form 720, commonly referred to as the Quarterly Federal Excise Tax Return, is used to report and pay federal excise taxes across a variety of categories, including PCORI, Tanning Taxes, Truck Excise Taxes, Environmental Taxes, Communications and Air Transportation, Fuel Taxes, Repurchase of Corporate Taxes, and more. Businesses liable for these Federal Excise Taxes must file this tax form quarterly. Each quarter comes with its filing deadline, making timely and accurate submission essential for maintaining IRS compliance and avoiding penalties.
Federal excise taxes are categorized into below main types
Here is the 5 Step Simple Guide to file your Form 720 Federal Excise Tax in just a few clicks!
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- Global Director of Tax
E-filing is the transmission of business tax returns to the IRS through the internet. Electronic filing is the safest, most secure, and most private way to send your tax return to the IRS. Once you e-file your return, you will receive an electronic acknowledgment that the IRS has accepted your return for processing.
If your business does not have an EIN (Employer Identification Number), you will need to obtain one, as it is generally required for tax and legal purposes. You can easily apply for an EIN online through the official IRS website.
A Business Name refers to the official, registered name of a business or organization under which it operates. This name is used for legal, branding, and communication purposes.
No, you cannot file your return without registering on our site. To proceed with filing, you must first complete the registration process.
Filing your return is a quick and easy process. Simply spend a few minutes providing the required information, and we will take care of the rest.
Yes, you can save your tax return and return later to complete the filing process at your convenience.
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Latest Form 720 Instructions Released!
The latest update in the Instructions for Form 720 (Rev. March 2025) includes changes such as the expiration of certain biodiesel and alternative fuel credits after 2024, adjustments in excise taxes for air travel and arrow shafts due to inflation, and updated guidelines for corporate stock repurchase excise tax reporting. Taxpayers can now also use IRS Direct Pay for electronic tax payments starting October 2024.
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As the year comes to a close, it’s time to prepare for the Form 720 excise tax filing for the quarter 4. For those unfamiliar, Form 720 is a federal tax form used to report and pay various excise taxes imposed by the IRS, including those on fuel, air transportation, and more.
Buying a tanning bed is usually tied to a business decision. Capacity planning, operating costs, space constraints, and long-term maintenance all come into play.
Simple720 is developed by a team of tax experts with one goal in mind: making 720 excise tax filings simple for our valued clients.
