Simple 720
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FAQs

Frequently Asked Questions

How to file the Tax?

There are two ways by which you can file your return: E- Filing is Electronically submitting Federal Excise Tax Returns to the IRS through online. Paper Filing is sending the Federal Excise Tax Returns to the IRS through the mail.

What is meant by E-File?

E-Filing is transmitting Business Tax Returns to the IRS through the internet. Electronic filing is the safest, most secure, and 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.

What are all the conditions that have to be met to file as a one-time filer?

If you import a gas guzzling automobile, you may be eligible to make a one-time filing of Form 720 and Form 6197
if you meet both of the following conditions:
1.You do not import gas-guzzling automobiles in the course of your trade or business.
2.You are not required to file Form 720 reporting excise taxes for the calendar quarter, except for a one-time filing.
Example:
In August 2006, H, an individual, imports a car. The car has a fuel economy rating of 15 mpg, so H is liable for the gas guzzler tax of $4,500 (Form 6197, line 9). H meets the two conditions for a one-time filing, that is, (1) does not import gas guzzling automobiles in the course of his trade or business, and (2) is not otherwise required to file Form 720. He must file Forms 720 and 6197 for the third calendar quarter of 2006. H does not have to deposit the gas guzzler tax of $4,500 but instead pays with the return. H checks the one-time filing box on Form 720.

What should I do if I do not have an EIN?

Generally, a business needs an EIN (Employer Identification Number). If you do not have an EIN, you can apply for one online.

What is meant by Business Name?

Business Name is the registered name of a Business or an Organization.

Can I file my return without registering with the site?

For filing your return you need to register with us.

How long does it take to file my return?

Spend just a few minutes and share information with us to file your return.

Can I save my tax return and come back after a while to file my return?

Yes, you can come back and file your return.

Can I keep multiple businesses with single-user registration?

Yes, you can have multiple businesses with a single registration.

How do I recover my forgotten password?

To retrieve your forgotten password, click on the 'Forgot Password?' link on the Login page and we will send the details on how to reset your password to your registered email address after verification.

What is Form 720?

Form 720 is used to file Excise Taxes like Environmental tax, Communication tax, Air transportation tax, Fuel tax, Retail tax, Ship passenger tax, Manufacturers tax, Foreign insurance tax, and Floor stocks tax.

Can I assign a third-party designee to do my business?

Yes, you can authorize a third-party designee to exchange information concerning Form 720 with the IRS.

What are the due dates for filing Form 720?

Form 720 must be filed for each quarter of the calendar year.

Reporting Months Due Date
Jan, Feb, MarApr 30
Apr, May, Jun Jul 31
Jul, Aug, SepOct 31
Oct, Nov, Dec Jan 31

If any date for filing a return falls on a Saturday, Sunday, or a legal holiday, you may file the return on the next business day.

How should I report no tax? or Do you have a zero tax liability for this quarter and would like to file a tax return ?

Enable checkbox zero liability, if you do not owe to IRS any tax.

What is EIN?

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and is used to identify a business entity. Generally, businesses need an EIN. Employer Identification Number is a 9 digit number assigned by IRS to filers of Form 720.

What should I do if I need to change the address?

If your address changes, make the corrections on Form 720 and check the Address change box above Part I of Form 720.

When do I file a final return?

You can make a Final return if you go out of business, or will not owe excise taxes that are reportable in Form 720 in future quarters.

Which form has to be used for filing gas guzzler tax?

Use Form 6197, Gas Guzzler Tax, to figure the liability for this tax. Attach Form 6197 to Form 720.

What is Schedule A?

Schedule A is to report Excise tax liabilities. Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. You must complete Schedule A if you have a liability for any tax in Part I of Form 720. Don’t complete Schedule A for Part II taxes or for a one-time filing of the gas guzzler tax.

How to report the liability for the remaining days in the September period?

Regular method taxes: Enter the liability for the period beginning September 26/27 and ending September 30 in box F. Alternative method taxes: Enter the tax included in the amounts billed or tickets sold for the period beginning September 11/12 and ending September 15 in box M of the 4th quarter return. Enter the tax included in amounts billed or tickets sold during the period beginning September 16 and ending September 30 in box N of the 4th quarter return.

What is Schedule T?

Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal.

Is both the parties in an exchange liable for tax?

No, the receiving person alone is liable for the tax.

What does a two-party exchange mean?

A two-party exchange means a transaction (other than a sale) where the delivering person and receiving person are both taxable fuel registrants and all of the following occur. The transaction includes a transfer from the delivering person, who holds the inventory position for the taxable fuel in the terminal as reflected in the records of the terminal operator.

What is Schedule C?

Schedule C is used to make claims for credit or refund of excise taxes on fuels.

Who can make claims?

Claims can be made only if you are reporting liability in Part I or II of Form 720.

Who is a claimant?

The person who is eligible to make a claim is a claimant.

What is Form 6627?

Form 6627 is used to figure the Environmental taxes on petroleum, ODCs Ozone-Depleting Chemicals, imported products that used ODCs as materials in the manufacture or production of the product, and the floor stocks tax on ODCs.

Is it possible to file the return for Form 6627 separately?

No, you need to attach Form 6627 to Form 720.