Who is required to file a Form 720?

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.

How often is Form 720 due?

Each quarter is three months long and begins on Jan. 1 of each year. The Form 720 is due on the last day of the month following the end of the quarter. For example, you must file a Form 720 by April 30 for the quarter ending on March 31.

What is the penalty for it's late filing?

If you have a balance due If you haven't paid all of the tax you owe by the filing deadline: You'll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid. The maximum late payment penalty is 25% of the amount due.

Where do I file Form 720 B?

The mailing address is 9601 Estate Thomas, St. Thomas, VI 00802.

Where is my USVI tax refund?

People who are owed USVI tax refunds can check the status of their returns at http://.vibir.gov/ or by calling (340) 715-1040.

What is the late filing penalty for Form 720?

The penalty for filing late is 5% of the total tax assessed that was not paid when due. It is charged each month or part of a month the return is late, for up to 5 months.

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Q: What is the penalty for it&#039;s late filing?

If you have a balance due If you haven&#039;t paid all of the tax you owe by the filing deadline: You&#039;ll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid. The maximum late payment penalty is 25% of the amount due.

FORM 720-B REV. 10/2008 Gross Receipts Annual Tax Return Government of the U. S. Virgin Islands BUREAU OF INTERNAL REVENUE Use for filing receipts of 120 000 or less GROSS RECEIPTS LESS MONTHLY TAXABLE TAX M O N T H EXEMPTION Please Indicate CASH ACCRUAL ex.

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