Form 720: a guide to Quarterly Federal Excise Tax Return: Fill out & sign online

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Who needs to file form 720 Quarterly Federal Excise Tax Return?

Who files Form 720? Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.

What is the penalty for filing form 720?

As of 2021, the penalty for not filing Form 720 on time is 5% of the unpaid tax amount per month, up to a maximum of 25% of the total unpaid tax. Additionally, interest will accrue on any unpaid taxes, starting from the date the taxes were due. The interest rate is currently set at 0.5% per month, or 6% per year.

What is the IRS Form 720x?

Use this form to make adjustments to liability reported on Forms 720 you have filed for previous quarters. Do not use Form 720-X to make changes to claims made on Schedule C (Form 720), except for the section 4051(d) tire credit and section 6426 credits.

What is the form 720 update for 2023?

The IRS has released a revision to IRS Form 720, which is used to pay the PCOR fees due July 31, 2023. The Patient-Centered Outcomes Research (PCOR) fee is used to fund research on patient outcomes. As part of the Affordable Care Act (ACA), employer-sponsored health plan(s) are subject to PCOR fees.