The Federal Excise Taxes are reported on end of every quarter, for the 1st quarter of 2015 it is due this April 30th. Form 720 can be electronically prepared and reported the IRS directly through @TaxExcise (#TaxExcise) the #1 excise tax preparation and reporting website, Authorized by the IRS.
You may be required to file your returns quarterly and make deposits on a monthly note as required by the IRS.
Form 720 has three parts and three schedules.
- Part I consists of excise taxes generally required to be deposited (see Payment of Taxes, later).
- 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.
- You may have to attach the following forms.
- Form 6197 for the gas guzzler tax.
- Form 6627 for environmental taxes.