Form 720 Pre-filing is Open for 2025 Q3!

Prefiling has several advantages, which contribute to smoother and more efficient tax filing processes. Below are key reasons why prefiling is crucial:

1. Stress-Free Filing:
   By filing early, you can avoid the chaos and stress that often comes with waiting until the last minute. With more time to review and correct any mistakes, you’ll feel more confident and prepared.

2. Avoiding Penalties:
   Filing ahead of time can help you avoid penalties or late fees. Missing the deadline can result in costly fines or even legal consequences. Prefiling reduces the likelihood of this happening.

3. Time for Corrections:
   When you prefile, you give yourself the opportunity to identify and correct any errors in the filing. This ensures that your documents are accurate and complete before submission, which is vital for compliance.

4. Improved Accuracy:
   Early filing gives you ample time to gather all the necessary documents and confirm their accuracy. This helps in reducing the chances of missing critical information that could lead to rework or corrections.

5. Better Financial Planning:
   Prefiling allows you to have a clearer picture of your financial obligations well in advance. This helps with budgeting, cash flow management, and planning for any upcoming payments or tax liabilities.

6. Peace of Mind:
   One of the most significant advantages of prefiling is the peace of mind it offers. By removing the pressure of last-minute filing, you can focus on other important tasks without worrying about deadlines.

Prefiling for Your Quarterly Federal Excise Tax Return for Quarter 3 (July 1 – September 30) is Now Open with Simple720 – Your IRS-Authorized 720 Online Portal

Step 1 - Create an Account: If you’re a new user, sign up for a free Simple720 account. Existing users can log in with their credentials.

Step 2 - Provide Business Details: For new users, the next step is to enter your business details. Click on “Add New Filings” and click on “Add New Business” and complete the required fields, including:

• Business Name

• Employer Identification Number (EIN)

• Business Type (select from the drop-down options)

• Business Contact Information

If you’re an existing user, simply select the stored business name from the database.

Step 3 - Choose Form Type: Select “Form 720 (Quarterly Federal Excise Tax)” as the form type. First, select the tax year as January 25 to December 25, and then you can choose the quarter option as July 2025 - September 2025 (Pre-Filing) from the dropdown menu.

Step 4 - Select Tax category: From the left menu, select the appropriate category from the respective dropdowns. Ensure you choose the option that most accurately reflects the items you're reporting to guarantee precise and compliant tax filing.

Step 5 - Enter Filing Information: Based on the selected category, you will be prompted to enter relevant details such as quantity, taxable amount, and other specific information required for your filing. Ensure all details are accurate to calculate the correct excise tax for your submission.

Step 6 – Auto Calculation: The tax amount is automatically calculated and displayed on the portal.

Step 7 - Choose a Payment Method: Review your information and choose one of the IRS payment methods:

• Electronic Funds Withdrawal (Direct Debit)

• EFTPS - Electronic Federal Tax Payment System

Step 8 - Complete Your Filing: Once the payment is completed, your quarterly federal excise tax return for Q3 will be submitted within minutes.

You’ll receive instant confirmation as soon as the IRS approves—no more waiting weeks for updates.

In the recent updates, the IRS now mandates that all businesses file Form 720 electronically. This online filing requirement not only ensures faster processing, but also minimizes errors and guarantees timely compliance with federal tax regulations.

WRAP:

Prefiling your Form 720 for Q3 with Simple720 not only ensures timely and accurate tax filing but also helps you avoid penalties and last-minute stress. By filing early, you gain peace of mind, more time for corrections, and a smoother process. 

Leverage the ease of online filing through Simple720 to stay compliant and submit your return with confidence. Don’t wait—file today!