{"id":51631,"date":"2020-05-12T11:34:12","date_gmt":"2020-05-12T16:34:12","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=51631"},"modified":"2021-08-12T11:01:53","modified_gmt":"2021-08-12T16:01:53","slug":"what-is-form-720","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/what-is-form-720\/","title":{"rendered":"What is Form 720?"},"content":{"rendered":"<p>Tax form 720, Quarterly Federal Excise Tax Return, is used to calculate and make excise tax payments on certain categories of income\/assets.<\/p>\n<p>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. As a consumer, you might not even realize you\u2019re paying excise tax since it\u2019s usually included in the price of goods.<\/p>\n<h2>How Frequently Should You Prepare Form 720 for Excise Tax?<\/h2>\n<p>If you are a business who sells products or services subject to excise tax, you should complete a specific IRS form on a quarterly basis. Businesses, whose activities involve the following categories, typically owe excise tax:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-51632 alignright\" src=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2020\/05\/excise-tax-300x200.jpg\" alt=\"excise tax\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2020\/05\/excise-tax-300x200.jpg 300w, https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2020\/05\/excise-tax.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<ul>\n<li>Alcohol<\/li>\n<li>Automobile fuel<\/li>\n<li>Airline tickets<\/li>\n<li>Highway usage<\/li>\n<li>Indoor tanning<\/li>\n<li>Tobacco products<\/li>\n<li>Health-related goods and services<\/li>\n<li>Manufacturing<\/li>\n<\/ul>\n<p>Form 720 for excise tax should be prepared and submitted to the IRS quarterly. The form is also known as the quarterly federal excise tax return.<\/p>\n<h2>Who Files Form 720?<\/h2>\n<p>If you are a business that deals in goods for which excise taxes are due, you must file a Form 720.<\/p>\n<p>In addition, some expat taxpayers would fill out form 720. For example, an expat taxpayer who has an interest in a specific type of foreign life insurance plan would have to use IRS form 720 to report the excise taxes on that interest.<\/p>\n<h2>How Do You Fill Out IRS Form 720<\/h2>\n<p>On IRS Form 720, you\u2019ll see a line for each type of excise tax that you may owe, usually based on unit sales or weight.<\/p>\n<h2>Paying Your Quarterly Federal Excise Return<\/h2>\n<p>You or your tax pro can make a payment on excise taxes using electronic funds transfer by the quarterly deadlines.<\/p>\n<p>Each quarter is three months long and begins on Jan. 1 of each year. The Form 720 is due on the last day of the month following the end of the quarter. For example, you must file a Form 720 by April 30 for the quarter ending on March 31.<\/p>\n<p>Many excise taxes should be paid on a semi-monthly basis, not quarterly. But, if the amount is under certain thresholds, the IRS allows you to delay payment until you accumulate a sufficient tax liability.<\/p>\n<h2>More Help With IRS Form 720<\/h2>\n<p>If you are a business who needs to file IRS Form 720, get the help of H&amp;R Block! With <a href=\"https:\/\/www.hrblock.com\/tax-offices\/business-services\/\">specialized small business services<\/a>, we can help support you with not only your individual taxes, but also your business tax needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. As [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":51632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,55],"tags":[],"class_list":["post-51631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs","category-forms"],"acf":[],"yoast_head":"<title>What is Form 720? | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"If you need to file quarterly excise taxes, learn more about IRS Form 720 with the help of H&amp;R Block. 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