We are well aware of the fact that critical procedures are involved in filing form 720. Firstly let us get to know some of the fundamental aspects relating to filing Form 720.
Basics of Form 720
Form 720 is used to file Excise Taxes like:
• Environmental tax: The tax collected on oil spill liability, ozone depleting chemicals (ODCs) and floor stocks tax on ODCs.
• Communication tax: Tax on communications services.
• Air Transportation Tax: Tax on transportation of persons or property by air.
• Percentage Tax: Tax for amounts paid for taxable transportation of persons by air.
• Domestic Segment tax: The amount paid for each domestic segment of taxable transportation of persons by air.
• Gas guzzler tax: Tax on gas guzzling automobiles is gas guzzler tax.
• Vaccine Tax: A tax imposed on the sale or use of a vaccine manufactured, produced, or entered into United States.
• Floor Stocks Tax: Tax imposed on ODC held (other than by the manufacturer or importer of the ODC) on January 1 for sale or use in further manufacturing. The person holding title (as determined under local law) to the ODC is liable for the tax, whether or not delivery has been made.
Due dates for filing Form 720
Form 720 must be filed for each quarter of the calendar year.
Quarter Covered Due by
Jan., Feb., Mar. April 30
Apr., May, June July 31
July, Aug., Sept. October 31
Oct., Nov., Dec. January 31
Note: If any date for filing a return falls on a Saturday, Sunday or a legal holiday, you may file the return on the next business day.
Where to send forms
You can send Forms 720, 6627 and 6197 to: Internal Revenue Service Center, Cincinnati, OH 45999-0009.
Schedule T&C
Schedule T for Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal
Schedule C is used to make claims for credit or refund of excise taxes on fuels.
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