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.

Form 720

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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

Form 720 Instructions - Instructions for Form 720, Quarterly Federal Excise Tax Return

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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

Tax forms

Form 720 is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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