Rev. September 2010
Form 720-CS (Corrected Void) is a financial report for carriers, which includes their employer identification number (EIN), Form 637 registration number, address, contact person details, and net gallons of transactions and deliveries for each product code (PC) under two schedules: A and B. Schedule A reports receipts with consignor information, document date, document number, and net gallons. Schedule B reports deliveries with the same details.
Form 720-CS must be filed monthly by the 25th day of the following month. For example, imports or exports made in January must be reported on Form 720-CS filed by February 25.
Form 720-CS requires the following information: the name and address of the importer or exporter, the type and volume (in gallons) of fuel imported, exported, or transferred, the country or state of origin or destination, the tax rate and tax amount due, and any other relevant details.
Penalties for failing to file Form 720-CS on time can include fines, interest charges, and potential legal action. The specific penalty amount depends on the circumstances of each case.
Form 720-CS must be used to report and pay taxes on imports, exports, and certain transactions involving the following fuels and lubricants: diesel fuel, biodiesel, gasoline, kerosene, jet fuel, crude oil, liquefied petroleum gases (LPG), compressed natural gas (CNG), and fuel oil.
Form 720-CS is used to report and pay taxes on imports, exports, and certain transactions involving certain fuels and lubricants in the United States.
Form 720-CS is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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