Get Form 720 (rev. October 1998). Quarterly Federal Excise Tax Return

Filling out Form 720 for the Quarterly Federal Excise Tax Return can be straightforward with the right guidance. This comprehensive guide will walk you through each section of the form to ensure accurate completion and timely submission.

Follow the steps to fill out the form with ease.

1. Click ‘Get Form’ button to obtain the form and access it in your preferred digital editor.
2. Enter your name, address, employer identification number (EIN), and the calendar quarter for which the return is being filed in the designated fields at the top of the form.
3. In Part I, complete the sections as applicable to your business activities. This may include entering amounts for environmental taxes, fuel taxes, and other excise taxes based on your operations.
4. For each applicable tax category, ensure accurate calculations are made. Refer to the current tax rates and include the number of gallons or amount of products where necessary.
5. In Part II, compile details of any adjustments and claims you wish to report if relevant. Ensure that all calculations are thorough and support claims made.
6. Calculate the total tax amount in Part III by summing the relevant entries from Part I and Part II.
7. Complete the refunds or overpayment sections if applicable, and let the IRS know how you wish to handle any overpayment.
8. Sign and date the form in the provided space, ensuring that all entries are accurate to the best of your knowledge.
9. Final review all sections and calculations for completeness and accuracy.
10. Save your changes and then download, print, or share the form as necessary for your records or filing.

Prepare to file your Form 720 online and ensure compliance with federal excise tax regulations.