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You should file Form 720 if you collect any excise tax during the current quarter. If you were responsible for collecting excise taxes during any quarter during the year and you have not filed a final excise tax return, you should file Form 720.
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. Most excise tax in some ways resembles a state sales tax. They are paid on purchases of specific goods.
Issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans will file annually Form 720, Quarterly Federal Excise Tax Return, to report and pay the PCORI fee. The Form 720 will be due on July 31 of the year following the last day of the policy year or plan year.
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.
What is a 720 form? 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.
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1. Businesses. 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.
Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. 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.

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