Can you amend Form 720?

Yes, it is possible to amend Form 720 that has already been filed for previous quarters. To understand this process more thoroughly, let’s explore how Form 720 can be corrected alongside key topics such as:

Methods of Filing: Options include electronic filing or mailing, as per IRS requirements.

Limitations: Restrictions apply based on the type of excise tax, eligibility, and filing period.

To amend a previously filed Form 720, you must use Form 720-X, Amended Quarterly Federal Excise Tax Return. This form is specifically designed to address changes in excise tax liabilities reported in prior quarters. It allows taxpayers to:

• Correct Errors: Amend inaccuracies in previously reported liabilities.

• Claim Adjustments: Request refunds or credits for overpaid amounts.

• Settle Underpayments: Report and pay any additional liabilities.

Note that Form 720-X is exclusively for making amendments to prior filings, while Form 720 should only be used for reporting excise taxes for the current quarter.

1. Manual Filing:

• Download the latest version of Form 720-X from the IRS official website.

• Complete the form by filling in the relevant sections for the required corrections.

• Mail the completed form to:
  Department of the Treasury
  Internal Revenue Service
  Cincinnati, OH 45999-0009

• Alternatively, Form 720-X can be submitted alongside your next Form 720 filing.

2. Online Filing:

• Use any IRS-approved electronic filing portal to submit Form 720-X.

• Platforms like efile720, an IRS-authorized provider, simplify the filing process, enabling quick and secure submission.

Refer our blog on everything you should know about Form 720X to get a step by step guidance on online filing method.

Form 720-X cannot be used to amend claims made on Schedule C (Form 720), with two exceptions:

1. Section 4051(d) Tire Credit: Adjustments related to the retail tax on heavy trucks, trailers, and semi trailers.

2. Section 6426 Credits: Adjustments for alternative fuel and alternative fuel mixture credits.

For any other claims related to Schedule C, corrections must follow specific IRS instructions or alternative procedures.

WRAP:

By the end of this blog, you will understand how Form 720 can be amended using Form 720-X, including the methods for filing it, the associated deadlines, and its limitations. This comprehensive guide ensures you are well-equipped to handle excise tax amendments effectively and in compliance with IRS requirements.