Federal excise taxpayers must report their quarterly taxes using the IRS tax Form 720, which is considered a time-consuming and tedious task to accomplish. Also, Form 720 is complicated because it is filled with multiple parts and categories that cover many products, services, and goods. Taxpayers have to spot the right part/category where their product/service belongs and file the taxes. They have to go through the same every four months in a tax year. Therefore, to lift the burden of paper filing Form 720 to the IRS every quarter, TaxExcise.com brings you a perfect online platform that helps you to prepare and report quarterly federal excise tax Form 720. Our platform simplifies the entire complexity of Form 720 and helps you to e-file Form 720 smoothly and securely. You can have a convenient Form 720 tax filing with the IRS with 100% accuracy through TaxExcise.com.
Let us look into some solutions for frequently asked questions on Form 720!
- What is IRS Form 720?
Form 720 is used to report and pay federal excise taxes to the IRS imposed on specific products, goods, services, and businesses such as gasoline, aviation fuels, truck body building, indoor tanning services, and more.
- Who should report the quarterly federal excise tax Form 720?
Taxpayers dealing with the products/services that come under federal excise taxes must use Form 720 to report and pay the taxes to the IRS. Tax liabilities and rules may vary for each taxpayer based on their service or products. Therefore, they must clearly understand the rules and regulations of Form 720 and report the taxes accordingly.
- When is the deadline to report Form 720 to the IRS?
As per the IRS regulations, federal excise taxpayers must report Form 720 for every quarter of the tax year. Form 720 is due on the last working day of the month following the end of each quarter. If the deadline falls on a weekend or a public holiday, it automatically rolls over to the next working day. Now, Form 720 is due for the third quarter of this year, and the deadline to report Form 720 is October 31, 2023.
- What happens if I miss the deadline to report the federal excise tax Form 720?
IRS charges hefty penalties, late fees, and interest over your tax dues if you miss the deadline to report and pay your quarterly federal excise taxes. You are required to maintain a perfect tax record in order to continue your dealing or business with the products, goods, or services that come under the federal excise tax Form 720.
- Is e-filing Form 720 on TaxExcise.com a secure way to report my federal excise taxes?
Not only a secure way, E-filing Form 720 on TaxExcise.com is the most convenient and secure method to report your federal excise taxes to the IRS. You can smoothly prepare your Form 720 reports on our platform and transmit them directly to the IRS. Also, you can pay the tax dues through IRS–approved payment gateways.