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.
