The last date to report form 720 for the first quarter is approaching soon.
The quarterly federal excise taxes are usually imposed on the price of the products and specific activities like entertainment, gambling, etc., and both federal and state governments impose them. Form 720 is used to report the quarterly federal excise taxes on certain products like gasoline and aviation fuels and specific services like indoor tanning services and PCORI. IRS charges these excise taxes during every quarter of the tax year from respective parties entitled to form 720 excise taxes. They are liable to pay quarterly excise taxes for their respective products or services to the IRS using form 720 within the deadlines during every quarter. The last date to report form 720 for the first quarter of this tax year is May 01, 2023. Therefore, form 720 payers must e-file form 720 to the IRS on or before the deadlines and get proper validation of their successful form 720 tax payments.