Filing Form 720

Use Form 720 to report and pay the excise taxes previously discussed in this publication. File Form 720 for each calendar quarter until you file a final Form 720. For information on filing Form 720 electronically, visit the IRS e-file website at www.irs.gov/efile. You may also use www.TaxExcise.com to efile Form 720 and get acknowledgement in just minutes.

You may be required to file your returns on a monthly or semimonthly basis instead of quarterly if you do not make deposits as required or are liable for the excise tax on taxable fuels and meet certain conditions.

Form 720 has three parts and three schedules.

  • Part I consists of excise taxes generally required to be deposited.
  • Part II consists of excise taxes that are not required to be deposited.
  • Part III is used to figure your tax liability for the quarter and the amount of any balance due or overpayment.
  • Schedule A, Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. Complete it if you have an entry in Part I.
  • Schedule C, Claims, is used to make claims. However, Schedule C can only be used if you are reporting a liability in Part I or Part II.
  • Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal rack.

Attachments to Form 720, You may have to attach the following forms.

  • Form 6197 for the gas guzzler tax.
  • Form 6627 for environmental taxes.
Form 720X.  This form is used to make adjustments to Forms 720 filed in prior quarters. You can file Form 720X by itself or, if it shows a decrease in tax, you can attach it to Form 720. See Form 720X for more information.
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