Rev. September 2010
The document outlines instructions for completing Form 720-TO, which is related to reporting terminal transactions for fuels under the Internal Revenue Service (IRS) of the Department of the Treasury. The form requires entities such as Employer Identification Number (EIN), company name and address, terminal operator and carrier names, mode code, document date and number, gallon quantities, and total receipts and disbursements. The form also includes instructions for reporting transactions by product code (PC), destination state (DS), and mode code (MC).
Yes, there are penalties for filing Form 720-TO late. The IRS charges a monthly penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25% of the unpaid tax. In addition, there is a minimum penalty of $25 or 100% of the required payment, whichever is greater.
Form 720-TO is used to report monthly taxes on fuels, while Form 720 is used to report various other types of taxes.
For each product code reported, you will need to provide the quantity and type of fuel or mixture, as well as any applicable exemptions or exclusions.
The due date for Form 720-TO is the last day of the month following the reporting period. For example, if your reporting period was from January 1st to December 31st, the due date for Form 720-TO would be January 31st.
Form 720-TO 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.
The easiest way to fill Form 720-TO online
Delete filling session
Delete editing session
