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Federal Excise Tax is an indirect excise tax, or tax on production or usage of certain goods and products. These taxes are charged by both the federal government and each state, which may have different ways to collect them. Federal Excise Tax applies to cigarettes and tobacco products, beer and wine, firearms, ammunition, luxury items like automobiles using non-classic fuels.
It is important to note that not all excise taxes are reported on Form 720, and some may require separate forms or filings. It is recommended to consult with a tax professional like us or the IRS for specific guidance on excise tax reporting and payment.
Form 720 is mandatory because it allows businesses and individuals to fulfill their legal obligations and report them to the IRS. Failure to file the form or pay the required taxes can result in penalties and interest charges, so it is crucial to comply with all applicable tax laws and regulations.
The due dates for filing Form 720 depend on the quarterly period being reported. The form is filed quarterly, and it is generally due by the last working day of the month following the end of each quarter. The due dates for each quarterly period are as follows:
|First Quarter (January - March)||April 30|
|Second Quarter (April - June)||July 31|
|Third Quarter (July - September)||October 31|
|Fourth Quarter (October - December)||January 31(following year)|
It is important to note that if the due date falls on a weekend or a legal holiday, the due date is moved to the next business day
If you are making a payment by check or money order with Form 720 - Quarterly Federal Excise Tax Return, please complete the form 720-V (Voucher Payment). We will use the information on the completed voucher to credit your payment more promptly and accurately and to improve our service to you.
If you have your return prepared by a third party and a payment is required, provide this payment voucher to the return preparer.
Dont file Form 720-V if youre paying the balance due on line 10 of Form 720 using EFTPS.
Yes, it is possible to eFile Form 720. The IRS provides an electronic filing option for taxpayers to file Form 720 online through the IRSs eFile system. e-Filing can be more efficient and convenient than filing a paper return, as it allows for faster processing and eliminates the need for mailing a paper return.
To eFile Form 720, you can take our help as we are an authorized IRS eFile provider. When e-Filing, you will need to provide the same information as you would on a paper return, including details on the excise taxes owed, as well as the amount due.