Simple 720

If you're a business owner in the United States, you may be familiar with IRS Form 720. This form is used to report and pay federal excise taxes, which apply to specific goods and services. Filing taxes can feel overwhelming, but with Simple720.com, you can file your Form 720 online in minutes. Let's break it down.

What Is Form 720?

Form 720, the "Quarterly Federal Excise Tax Return," is a document required by the IRS to report and pay excise taxes. These taxes apply to various items, including:

Environmental taxes

Communications and air transportation taxes

Fuel taxes

Retail taxes on specific goods like tires

Health-related fees like the Patient-Centered Outcomes Research Institute (PCORI) fee

Businesses liable for these taxes must file Form 720 quarterly.

Why File Form 720 Online?

Filing taxes online is quicker, more secure, and more convenient than mailing paper forms. Here's why online filing is the smarter choice:

Save Time: Complete and submit your form in just a few steps.

Reduce Errors: Online platforms automatically check for common mistakes.

Instant Confirmation: Get immediate acknowledgment from the IRS.

Go Green: Eliminate the need for printing and mailing forms.

How Simple720 Makes It Easy

At Simple720, we've streamlined the Form 720 filing process. Our platform is designed with simplicity in mind, so you can file with confidence, even if you're not a tax expert. Here’s how it works:

Sign Up or Log In: Create an account or log in to your existing account.

Enter Your Information: Provide the required details about your business and the applicable excise taxes.

Review and Submit: Double-check your information and submit your form directly to the IRS.

Receive Confirmation: You'll receive an IRS confirmation once your form is processed.

Key Deadlines for Filing

Form 720 must be filed quarterly, with deadlines on the following dates:

April 30 (for Q1)

July 31 (for Q2)

October 31 (for Q3)

January 31 (for Q4)

Mark these dates on your calendar to avoid late penalties.

Get Started Today

What is Form 720?

Form 720, Quarterly Federal Excise Tax Return is used by businesses to report and pay federal excise taxes on specific goods, services, and activities. These taxes apply to items such as fuel, air transportation, and certain manufacturer taxes. The form must be filed quarterly with the Internal Revenue Service (IRS), and payments can be made electronically through the Electronic Federal Tax Payment System (EFTPS).

When is Form 720 Due?

Form 720 is due quarterly, with the following deadlines each year:

April 30 (for the first quarter: January–March)

July 31 (for the second quarter: April–June)

October 31 (for the third quarter: July–September)

January 31 (for the fourth quarter: October–December)

The form must be filed by these dates to avoid penalties.

Who needs to file Form 720?

Form 720 must be filed by businesses that are responsible for paying federal excise taxes on specific goods and services. This includes manufacturers, retailers, airlines, and other businesses that produce, sell, or use taxable products and services. Depending on the type of excise tax owed, these businesses may be required to file the Quarterly Federal Excise Tax Return (Form 720) up to four times per year. Filing ensures compliance with IRS regulations and timely payment of excise taxes.

How much is the IRS penalty for not filing Form 720?

If Form 720 is not filed by the due date, the IRS may impose a penalty for late filing. This penalty is typically 5% of the unpaid excise tax for each month the return is late, up to a maximum of 25% of the total tax owed. Additionally, if the tax remains unpaid, interest charges may also apply, further increasing the amount due. To avoid penalties and interest, businesses should ensure they file Form 720 on time and pay any applicable excise taxes promptly.

How to pay Form 720?

Businesses can pay the excise taxes reported on Form 720 using either the traditional manual method or the electronic method. 

The manual method involves mailing a check or money order, along with a completed Form 720-V (Payment Voucher), to the IRS at the address specified in the form’s instructions.