Frequently Asked Questions
Generally, a business needs an EIN (Employer Identification Number). If you do not have an EIN, you can apply for one online.
Yes, you can come back and file your return.
Yes, you can authorize a third-party designee to exchange information concerning Form 720 with the IRS.
No, the receiving person alone is liable for the tax.
Schedule C is used to make claims for credit or refund of excise taxes on fuels.
The person who is eligible to make a claim is a claimant.
No, you need to attach Form 6627 to Form 720.
E-Filing is transmitting business tax returns to the IRS through the internet. Electronic filing is the safest, most secure, and most private way to send your tax return to the IRS. Once you e-file your return, you will receive an electronic acknowledgment that the IRS has accepted your return for processing.
There are two ways you can file your return: e-filing is Electronically submitting Federal Excise Tax Returns to the IRS online. Paper Filing is sending the Federal Excise Tax Returns to the IRS through the mail.
The business Name is the registered name of a business or an organization.
To file your return, you need to register with us.
Spend just a few minutes sharing your information with us to file your return.
Yes, you can have multiple businesses under a single registration.
To retrieve your forgotten password, click on the 'Forgot Password?' link on the login page, and we will send instructions on how to reset your password to your registered email address after verification.
Enable the ‘Zero Liability’ checkbox, if you do not owe any tax to the IRS.
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and is used to identify a business entity. Generally, businesses need an EIN. The employer Identification Number is a 9-digit number assigned by IRS to filers of Form 720.
If your address changes, make the correction on Form 720 and check the Address change box above Part I of Form 720.
You can file a final return if you go out of business or will not owe excise taxes reportable on Form 720 in future quarters.
Use Form 6197, Gas Guzzler Tax, to calculate the liability for this tax. Attach Form 6197 to Form 720.
Schedule A is used to report excise tax liabilities. Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. You must complete Schedule A if you have a liability for any tax in Part I of Form 720. Do not complete Schedule A for Part II taxes or for a one-time filing of the gas guzzler tax.
Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with removal at the terminal
Claims can be made only if you are reporting a liability in Part I or II of Form 720.
Form 720 is used to file excise taxes such as Environmental tax, Communications tax, Air transportation tax, Fuel tax, Retail tax, Ship passenger tax, Manufacturers tax, Foreign insurance tax, and Floor stocks tax.
A two-party exchange refers to a transaction (other than a sale) where the delivering person and receiving person are both taxable fuel registrants and all of the following occur. The transaction includes a transfer from the delivering person, who holds the inventory position for the taxable fuel in the terminal as reflected in the records of the terminal operator.
Form 6627 is used to calculate the environmental taxes on petroleum, ODCs Ozone-Depleting Chemicals, imported products that used ODCs as materials in the manufacture or production of the product, and the floor stocks tax on ODCs.
If you’re filing Form 720-X separately, send Form 720-X to:
Department of the Treasury
Internal Revenue Service
Cincinnati, OH 45999-0009
Otherwise, attach Form 720-X to your next Form 720
Due date for Form 720 X is same as Form 720 for every quarter
Form 720 must be filed for each quarter of the calendar year.
| Reporting Months | Due Date |
|---|---|
| Jan, Feb, Mar | Apr 30 |
| Apr, May, Jun | Jul 31 |
| Jul, Aug, Sep | Oct 31 |
| Oct, Nov, Dec | Jan 31 |
If the filing due date falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day.
Form 720 Excise tax IRS contact No: 866-699-4096, 8 a.m. to 6 p.m. Eastern time
Regular method taxes: Enter the liability for the period beginning September 26 or 27 and and ending September 30 in box F.
Alternative method taxes: Enter the tax included in the amounts billed or tickets sold for the period beginning September 11 or 12 and ending September 15 in box M of the 4th quarter return. Enter the tax included in amounts billed or tickets sold during the period beginning September 16 and ending September 30 in box N of the 4th quarter return.
If you import a gas-guzzling automobile, you may be eligible to make a one-time filing of Form 720 and Form 6197 if you meet both of the following conditions:
1.You do not import gas-guzzling automobiles in the course of your trade or business.
2.You are not required to file Form 720 reporting excise taxes for the calendar quarter, except for a one-time filing.
Example:
In August 2006, H, an individual, imports a car. The car has a fuel economy rating of 15 mpg, so H is liable for the gas guzzler tax of $4,500 (Form 6197, line 9). H meets the two conditions for a one-time filing, that is, (1) he does not import gas-guzzling automobiles in the course of his trade or business, and (2) is not otherwise required to file Form 720. He must file Forms 720 and 6197 for the third calendar quarter of 2006. H does not have to deposit the gas guzzler tax of $4,500 but instead pays it with the return. H checks the one-time filing box on Form 720.
1.You do not import gas-guzzling automobiles in the course of your trade or business.
2.You are not required to file Form 720 reporting excise taxes for the calendar quarter, except for a one-time filing.
Example:
In August 2006, H, an individual, imports a car. The car has a fuel economy rating of 15 mpg, so H is liable for the gas guzzler tax of $4,500 (Form 6197, line 9). H meets the two conditions for a one-time filing, that is, (1) he does not import gas-guzzling automobiles in the course of his trade or business, and (2) is not otherwise required to file Form 720. He must file Forms 720 and 6197 for the third calendar quarter of 2006. H does not have to deposit the gas guzzler tax of $4,500 but instead pays it with the return. H checks the one-time filing box on Form 720.
There is no specific deadline or due date for filing Form 8849, but Form 720 should be filed beforehand.
Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0009