Excise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing. Simply make your selection through an IRS-approved software provider .
Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on 720 Form IRS up to four times per year, depending on the circumstances.
The IRS(Internal revenue system) provides two tests to determine whether you must file a Form 720 IRS at the conclusion of each calendar quarter. You must always file when you collect any excise tax during the current quarter or if you were responsible for collecting excise taxes during any quarter during the year and you have not filed a final excise tax return. Each quarter is three months long and begins on Jan. 1 of each year. The Form 720 IRS 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.