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.
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.
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.
Generally, a business needs an EIN (Employer Identification Number). If you do not have an EIN, you can apply for one online.
Business Name is the registered name of a Business or an Organization.
For filing your return you need to register with us.
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Yes, you can come back and file your return.
Yes, you can have multiple businesses with a single registration.
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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.
Yes, you can authorize a third-party designee to exchange information concerning Form 720 with the IRS.
Form 720 must be filed for each quarter of the calendar year.
| Reporting Months | Due Date |
|---|---|
| Jan, Feb, Mar | Apr 30 |
| Apr, May, Jun | Jul 31 |
| Jul, Aug, Sep | Oct 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.
Enable checkbox zero liability, if you do not owe to IRS any tax.
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.
If your address changes, make the corrections on Form 720 and check the Address change box above Part I of Form 720.
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.
Use Form 6197, Gas Guzzler Tax, to figure the liability for this tax. Attach Form 6197 to Form 720.
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.
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.
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.
No, the receiving person alone is liable for the tax.
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.
Schedule C is used to make claims for credit or refund of excise taxes on fuels.
Claims can be made only if you are reporting liability in Part I or II of Form 720.
The person who is eligible to make a claim is a claimant.
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.
No, you need to attach Form 6627 to Form 720.