Form 720

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Form 720

A form a company files with the IRS on a quarterly basis to report its liability for federal excise taxes, especially those on gasoline and air travel. The return is due by the last day of April, July, October and January.
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Manufacturers and importers of devices sold during this period do not need to make semimonthly deposits of tax or file Forms 720, Quarterly Federal Excise Tax Return, relating to these sales.
The IRS contends it collected only 5,107 Forms 720 and $913 million in the first six months of the tax's implementation through the quarter ending June 30, 2013.
These models were applied for such return series as corporation (Forms 1120, 1120A, and 1120S), partnership (Form 1065), and excise (Forms 720, 730, and 2290) tax returns.
Many taxpayers who followed the regulations were soon besieged by IRS requests for subsequent quarterly Forms 720 and, in some instances, assessments for failure to file.
31 Form 720X: Taxpayers that either neglect to file the necessary Forms 720 or need to amend the forms should file an amended quarterly federal excise tax return using Form 720X, Amended Quarterly Federal Excise Tax Return.