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Form 720

  1. Country USA
  2. Language English
  3. Activity Taxes
  4. Department Internal Revenue Service
Form 720

Quarterly Federal Excise Tax Return

Rev. March 2024

Complete Form 720-V if you're making a payment by check or money order with Form 720. Provide your EIN, tax period, amount paid, and business name and address on the voucher. Don't send cash or staple this voucher to your payment or return.

Instructions

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FAQ
  • How can I make my deposit if I'm unable to pay the full amount of tax due?

    You may request a payment plan from the IRS by calling 1-800-829-1040. You will need to provide information on your income, expenses, and outstanding balances for other debts. The IRS will evaluate your request and determine if you qualify for a monthly installment agreement.

  • Can I file Form 720 electronically?

    Yes, you can file Form 720 electronically. You can use the Electronic Federal Tax Payment System (EFTPS) to make your deposits and file your return. EFTPS is a free service provided by the Department of the Treasury.

  • How do I obtain an Employer Identification Number (EIN) for my business?

    You can apply for an EIN online, by fax, or by mail. To apply online, go to the IRS website and select the 'Apply for an EIN' option. If you prefer to apply by mail, download Form SS-4 from the IRS website and complete it according to the instructions provided.

  • Is there a time limit for filing Form 720?

    Yes, there is no extension of time to file Form 720. You are required to file your return by the last day of the month following the month when you received the aviation fuel or purchased it.

  • What are Section 4051(d) tires?

    Section 4051(d) tires are off-road tires that are used in construction and mining equipment, agricultural machinery, and industrial vehicles. These tires are not subject to the Highway Use Tax (HUT). If you purchase these tires for use on the highway, they will be subject to HUT.

  • What is a third party designee?

    A third party designee is someone authorized by a taxpayer to perform certain tasks on their behalf. This includes making deposits, filing returns, and responding to notices or other communications from the IRS.

  • Do I need to file Form 720 if I used less than 150 gallons of aviation fuel?

    If you used less than 150 gallons of aviation fuel during a given month, you do not have to file Form 720 for that month. However, you must keep records of your purchases and usage of aviation fuel for four years after the return due date.

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ABOUT

Federal tax forms

Form 720 is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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