Get Irs Releases Revised Form 720 (pdf)

Use Form 720-X to make adjustments to liability reported on Forms 720 you have filed for previous quarters. Don't use Form 720-X to make changes to claims made on Form 720, Schedule C, except for the section 4051(d) tire credit and section 6426 credits.

You can electronically file Form 720 through any electronic return originator (ERO), transmitter, and/or intermediate service provider (ISP) participating in the IRS e-file program for excise taxes.

Who files Form 720? Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.

Issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans will file annually Form 720, Quarterly Federal Excise Tax Return, to report and pay the PCORI fee. The Form 720 will be due on July 31 of the year following the last day of the policy year or plan year.

Your business needs to fill out IRS Form 720 if you sell goods or services that incur excise taxes. These products and services can include, but are not limited to: Telephone communications. Air transportation.

Purpose of Form Use Form 720 and attachments to report your liability by IRS No. and pay the excise taxes listed on the form. If you report a liability on Part I or Part II, you may be eligible to use Schedule C to claim a credit.

The percentage tax is 7.5% of amounts paid for taxable transportation of persons by air. Domestic segment tax. For calendar year 2023, the tax on the amount paid for each domestic segment of taxable transportation is $4.80.