Form 720 (Rev March 2024)-2025

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The document is the Quarterly Federal Excise Tax Return (Form 720) for the IRS, revised in March 2024. It outlines the requirements for reporting various excise taxes, including environmental taxes, fuel taxes, and other specific taxes related to transportation and insurance. The form includes sections for tax calculations, claims, and payment instructions, as well as a payment voucher (Form 720-V) for submitting payments. It serves as a comprehensive guide for businesses to report their excise tax liabilities on a quarterly basis.

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Are the 2024 IRS tax forms available?

IRS Free File is now available for the 2024 filing season. With this program, eligible taxpayers can prepare and file their federal tax returns using free tax software from trusted IRS Free File partners.

Is Form 720 still required?

Do I need to file Form 720 for my business? If you own a business that sells various goods or services subject to federal excise taxes, you must generally file Form 720. Applicable excise taxes include those on: Fuel.

What is form 720 and when must it be filed?

Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income/assets. Excise taxes are taxes paid when purchases are made on a specific good.

How do I know if I need to file a 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.

What are the changes in the IRS for 2024?

For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

Who pays 720 excise tax?

Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720.

Why would I need a Form 720?

IRS Form 720, the Quarterly Federal Excise Tax Return, is a tax form for businesses that sell goods or services subject to excise tax to report and pay those taxes.

What is the due date for Form 720?

When must my business file Form 720? Quarter:Due Date: Jan. 1 - March 31 April 30 April 1 - June 30 July 31 July 1 - Sept. 30 Oct. 31 Oct. 1 - Dec. 31 Jan. 31

Form 720 (Rev March 2024)-2025

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