Form 720, Quarterly Federal Excise Tax Return, is used to report and on excise taxes collected by the business for a variety of products and services. Use Schedule A to show the amount of your total liability for excise taxes for the quarter.

When Must Form 720 Be Filed

The form must be filed quarterly:
1st quarter – April 30

2nd quarter – July 31
3rd Quarter – October 31
4th Quarter – January 31.

Trust Fund Tax

Excise taxes are a trust fund tax, meaning that they are collected by the business and held in trust, then paid to the IRS at specific times. If the full amount of the tax is not submitted when due, a trust fund recovery penalty may be imposed.

A payment voucher is included with Form 720. Include it when you send your payment. Send the form and payment to:

Department of the Treasury
Internal Revenue Service

Is electronic filing of Form 720 required?

Electronic filing of Form 720 is optional for any taxpayer who chooses to e-file.  Still IRS recommends e-filing.

How do I choose a transmitter to e-file Form 720 returns?

IRS has posted the contact information of all approved e-file transmitters .  You will need to select one to your liking.  IRS does not endorse any one provider and cannot make recommendations.  All listed providers are approved to submit returns to the IRS electronically.

When can I e-file Forms 720?

IRS is currently accepting electronically-filed Forms 720. Forms can be submitted online 24 hours per day.

Where and how do I access the electronic Form 720 returns?

Taxpayers will be required to submit their electronic Excise Tax forms through an approved transmitter/software developer.

Will it cost anything to e-file Form 720 returns?

Yes.  To electronically file Form 720 taxpayers will incur the cost of the provider’s required service fee for online submission.

What are all Excise Tax forms can be filed electronically?

At this point, the Excise forms available for electronic filing are Form 2290, Heavy Highway Vehicle Use Tax, Form 720, Quarterly Federal Excise Tax and Form 8849, Claim for Refund of Excise Taxes (Schedules 1,2,3,5 & 6,8).

How will e-file of Form 720 improve results?

Electronic filing of Form 720 will allow IRS to provide expedited and improved service and reliability to taxpayers while reducing processing time and errors.

www.tax720.com, an online website to file a “Quarterly Federal Excise Tax Return – Form 720”. Businesses and Tax Professionals can now file their quarterly Federal Excise taxes electronically (e-file) or a standard paper return using our product. We support forms 6627, 6197, Schedule C, Schedule T and Schedule A, for both paper and electronic filings.

ThinkTrade, Inc. has a successful proven track record of supporting Heavy Vehicle Use Tax Form 2290 (www.tax2290.com) and Claim for refund of Excise taxes Form 8849 (www.tax8849.com). All of these excise tax filing forms are grouped into a single website at: www.taxexcise.com for your convenience !!