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  • Form 720 (rev. March 2021). Quarterly Federal Excise Tax Return

Get Form 720 (rev. March 2021). Quarterly Federal Excise Tax Return

720Quarterly Federal Excise Tax ReturnForm (Rev. March 2021) Department of the Treasury Internal Revenue ServiceCheck here if: Final return Address changeOMB No. 15450023See the Instructions for Form.

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How to fill out the Form 720 (Rev. March 2021). Quarterly Federal Excise Tax Return online

Filling out the Form 720 for quarterly federal excise taxes can seem complex, but this guide is designed to provide clear and concise instructions for completion. Follow the steps outlined below to efficiently complete and submit the form online.

Follow the steps to fill out the form accurately and efficiently.

  1. Press the ‘Get Form’ button to access the form and open it in the designated editor.
  2. Begin by entering your name and address in the provided fields, ensuring all information is accurate. Include your employer identification number (EIN) and the quarter ending date.
  3. In Part I, report the taxes applicable to your business activities. Fill in the relevant lines for environmental taxes, fuel taxes, and any other taxes as they apply to your situation.
  4. In Part II, if applicable, enter the Patient-Centered Outcomes Research Fee amounts related to health insurance policies. Be sure to follow the instructions to calculate the fee properly.
  5. Summarize your total tax amount in Part III, which includes adding the totals from Part I and Part II. Complete your claims, deposits, and report any overpayments.
  6. Review the completed form for accuracy before signing. Ensure you check any necessary boxes related to final returns or address changes.
  7. Submit the form electronically and save a copy for your records. Confirm the successful submission and ensure any payments are processed if applicable.

Start filling out your Form 720 online today and ensure timely compliance with federal excise tax requirements.

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In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

If you own a business that deals in goods and services subject to excise tax, you must prepare a Form 720 quarterly to report the tax to the IRS. The federal government charges an excise tax on specific types of products and services, and in some ways resembles a state sales tax.

Federal excise tax revenues totaled $98.5 billion in fiscal year 2019, or 3 percent of federal tax revenues.

These include exemptions when the article is first sold (1) for use in further manufacture; (2) for export; (3) for use as supplies for vessels and aircraft; (4) to a state or local government for its exclusive use; and (5) to a nonprofit education organization for its exclusive use.

Form 720 is a tax form required of businesses that deal with the sale of certain goods (like alcohol or gasoline) and services (for instance, tanning salons). These businesses are required to pay extra taxes, known as Excise Taxes , and they are accounted for through this form.

Q. When can I e-file Forms 720? A. IRS is currently accepting electronically-filed Forms 720.

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. ... They are paid on purchases of specific goods. As a consumer, you might not even realize you're paying excise tax since it's usually included in the price of goods.

Excise tax: the big one for trucking companies is form 2290, which is for motor vehicles weighing over 55,000 pounds. Most trucking companies will have to file this. If you purchase glider kits for a truck, you are required to file retail sales tax. That's included on form 720.

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Get Form 720 (Rev. March 2021). Quarterly Federal Excise Tax Return
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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Help Portal
Legal Resources
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form 720 (Rev. March 2021). Quarterly Federal Excise Tax Return
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