excise720

  What Is IRS Form 720? IRS Form 720 , officially called the Quarterly Federal Excise Tax Return , is used by businesses to report and pay excise taxes on specific goods, services, and activities. Excise taxes typically apply to products such as fuel, tires, air transportation, environmental products, communications, and certain insurance policies. Unlike income taxes, excise taxes are charged on the sale or use of these items, and they are paid directly to the IRS every quarter . Who Needs to File Form 720? You are required to file Form 720 if your business: Manufactures or sells taxable goods such as gasoline, aviation fuel, or tires. Provides services that incur excise tax - like air transportation or communication services. Is an insurance company that provides foreign insurance policies or certain coverage subject to federal tax. Even if your business falls under multiple categories, you can file a single Form 720 covering all applicable excise tax types acro...