Companies and individuals that do business in the United States are required by law to file taxes with the federal government. A variety of forms are required based on varying circumstances of the individual taxpayer or company. A Form 720 is also known as a Quarterly Federal Excise Tax Return.
Purpose of Form 720:
The Quarterly Federal Excise Tax Return is used to file and pay excise taxes due on a quarterly basis to keep liabilities under control. Select companies are required to pay excise tax to the federal government depending on their business. Companies that engage in the sale of gasoline or tobacco or in services including indoor tanning may be required by law to file an excise tax return. Continue reading What Is IRS Form 720?