Get Irs Form 702

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.

You must file Form 720 if: You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter and you haven't filed a final return; or.

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. ... Most excise tax in some ways resembles a state sales tax. They are paid on purchases of specific goods.

Form 720 must be signed by a person authorized by the entity to sign this return. If you want to allow an employee of your business, a return preparer, or other third party to discuss your Form 720 with the IRS, check the Yes box on Form 720 under Third Party Designee.

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.

If your small business deals in goods and services that are subject to excise tax like air transportation, fishing equipment or gasoline then you'll have to complete IRS Form 720, which must be filed with the IRS on a quarterly basis in order for your business to report and pay your federal excise tax liability.

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. ... Most excise tax in some ways resembles a state sales tax. They are paid on purchases of specific goods.

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. Excise taxes are taxes paid when purchases are made on a specific good. ... They are paid on purchases of specific goods.

Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements.