About Form 720, Quarterly Federal Excise Tax Return - IRS 2026

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The document provides detailed instructions for completing Form 720, the Quarterly Federal Excise Tax Return, as issued by the IRS. It outlines various excise taxes applicable to different sectors, including aviation, fuel, and communications, along with recent updates such as the excise tax holiday under the CARES Act. The document includes information on filing requirements, payment methods, claim procedures for credits and refunds, and specific tax rates for various products. Additionally, it emphasizes recordkeeping and compliance with IRS regulations.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name, address, and Employer Identification Number (EIN) at the top of the form. Ensure that all information is accurate to avoid delays.
In Part I, report any excise taxes owed for the quarter. Carefully review each section and enter the appropriate amounts based on your business activities.
For any claims or credits, navigate to Schedule C. Fill out the necessary details regarding your claims for refunds or credits related to excise taxes.
Once all sections are completed, review your entries for accuracy. Use our platform's editing tools to make any necessary adjustments before finalizing.
Sign and date the form in Part III. If you are using a third-party designee, ensure their information is filled out correctly.
Finally, submit your completed form electronically or print it for mailing as per IRS guidelines.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can you file IRS Form 720 online?

You can electronically file Form 720 through any electronic return originator (ERO), transmitter, and/or intermediate service provider (ISP) participating in the IRS e-file program for excise taxes.

Is there a simplified Form 720?

Simple720 is an IRS-Approved 720 online portal designed to make your federal excise tax filings effortless and stress-free.

Is Form 720 hard to fill out?

Filing Form 720 isnt difficult, but some common mistakes can make it a headache. One of the biggest issues is filling out the entire form when only a few sections apply this can lead to confusion and errors. Many businesses also miss the quarterly deadlines, which can trigger penalties.

What is the IRS code 720?

What does it mean? A2A. TC 720 means that there has been a refund repayment to your account - the IRS issued you a refund, but it was returned to the IRS.

Who fills out the IRS form 720?

Businesses that deal in goods and services that are subject to excise tax should prepare a Form 720 to report the tax to the IRS. If your business is required to pay excise taxes, you should file a Quarterly Federal Excise Tax Return on Form 720, up to four times per year.

file form 720 online

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What is federal excise duty?

Federal excise law is a legislated duty on specific goods or services at purchase such as tobacco, cement, automobiles and liquified natural gas, excise duties are intranational duties imposed within a government infrastructure rather than international duties imposed across country borders.

How do I know if my LLC needs to file Form 720?

Any entity, whether a sole proprietorship, partnership, corporation, or a limited liability company, dealing in goods or services subject to federal excise taxes must file Form 720. This includes businesses involved in the sale of luxury goods, certain types of equipment, or specific services.