{"id":119765,"date":"2025-06-30T05:03:22","date_gmt":"2025-06-30T05:03:22","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/"},"modified":"2025-06-30T05:03:22","modified_gmt":"2025-06-30T05:03:22","slug":"what-is-form-720-excise-tax","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/","title":{"rendered":"What is Form 720 excise tax?"},"content":{"rendered":"<p>Form 720 excise tax is a quarterly federal tax return that businesses must file if they engage in specific activities that are subject to excise taxes. This form is used to report the amount of excise taxes owed to the IRS for activities such as the sale of gasoline, tobacco, alcohol, and air transportation.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#1_Who_needs_to_file_Form_720\" title=\"1. Who needs to file Form 720?\">1. Who needs to file Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#2_What_types_of_excise_taxes_are_reported_on_Form_720\" title=\"2. What types of excise taxes are reported on Form 720?\">2. What types of excise taxes are reported on Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#3_When_is_Form_720_due\" title=\"3. When is Form 720 due?\">3. When is Form 720 due?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#4_How_is_Form_720_filed\" title=\"4. How is Form 720 filed?\">4. How is Form 720 filed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#5_What_are_the_consequences_of_not_filing_Form_720\" title=\"5. What are the consequences of not filing Form 720?\">5. What are the consequences of not filing Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#6_Are_there_any_exemptions_to_filing_Form_720\" title=\"6. Are there any exemptions to filing Form 720?\">6. Are there any exemptions to filing Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#7_How_is_the_excise_tax_amount_calculated\" title=\"7. How is the excise tax amount calculated?\">7. How is the excise tax amount calculated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#8_Can_businesses_claim_refunds_on_Form_720\" title=\"8. Can businesses claim refunds on Form 720?\">8. Can businesses claim refunds on Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#9_Are_there_any_special_rules_for_certain_types_of_excise_taxes_on_Form_720\" title=\"9. Are there any special rules for certain types of excise taxes on Form 720?\">9. Are there any special rules for certain types of excise taxes on Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#10_Can_businesses_amend_Form_720_after_filing\" title=\"10. Can businesses amend Form 720 after filing?\">10. Can businesses amend Form 720 after filing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#11_What_documentation_is_required_to_file_Form_720\" title=\"11. What documentation is required to file Form 720?\">11. What documentation is required to file Form 720?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#12_Can_businesses_request_an_extension_to_file_Form_720\" title=\"12. Can businesses request an extension to file Form 720?\">12. Can businesses request an extension to file Form 720?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"1_Who_needs_to_file_Form_720\"><\/span>1. Who needs to file Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBusinesses that engage in activities subject to excise taxes, such as selling taxable goods or services, are required to file Form 720.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_types_of_excise_taxes_are_reported_on_Form_720\"><\/span>2. What types of excise taxes are reported on Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nExcise taxes reported on Form 720 can include taxes on the sale of gasoline, alcohol, tobacco, air transportation, and various other goods and services.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_When_is_Form_720_due\"><\/span>3. When is Form 720 due?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nForm 720 is due quarterly, on the last day of the month following the end of each quarter. The due dates are April 30th, July 31st, October 31st, and January 31st.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_How_is_Form_720_filed\"><\/span>4. How is Form 720 filed?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nForm 720 can be filed electronically through the IRS&#8217;s e-file system or by mailing a paper copy to the IRS.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_What_are_the_consequences_of_not_filing_Form_720\"><\/span>5. What are the consequences of not filing Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nFailure to file Form 720 or pay excise taxes on time can result in penalties and interest charges being assessed by the IRS.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Are_there_any_exemptions_to_filing_Form_720\"><\/span>6. Are there any exemptions to filing Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nSome businesses may be exempt from filing Form 720 if they do not engage in activities subject to excise taxes. However, it is essential to consult with a tax professional to determine if an exemption applies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_How_is_the_excise_tax_amount_calculated\"><\/span>7. How is the excise tax amount calculated?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe excise tax amount reported on Form 720 is generally calculated based on the quantity or value of the taxable goods or services sold by the business.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Can_businesses_claim_refunds_on_Form_720\"><\/span>8. Can businesses claim refunds on Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, businesses can claim refunds of excise taxes paid in error or on goods that were not used for their intended purpose.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Are_there_any_special_rules_for_certain_types_of_excise_taxes_on_Form_720\"><\/span>9. Are there any special rules for certain types of excise taxes on Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, there may be specific rules and regulations that apply to certain types of excise taxes, such as environmental taxes or communications taxes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Can_businesses_amend_Form_720_after_filing\"><\/span>10. Can businesses amend Form 720 after filing?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, businesses can file an amended Form 720 to correct any errors or omissions on their original return.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_What_documentation_is_required_to_file_Form_720\"><\/span>11. What documentation is required to file Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBusinesses should keep detailed records of their sales and activities subject to excise taxes to support the amounts reported on Form 720.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Can_businesses_request_an_extension_to_file_Form_720\"><\/span>12. Can businesses request an extension to file Form 720?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBusinesses can request an extension to file Form 720 by filing Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, before the original due date of the return.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Form 720 excise tax is a quarterly federal tax return that businesses must file if they engage in specific activities that are subject to excise taxes. This form is used to report the amount of excise taxes owed to the IRS for activities such as the sale of gasoline, tobacco, alcohol, and air transportation. 1. &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What is Form 720 excise tax?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/#more-119765\">Read more<span class=\"screen-reader-text\">What is Form 720 excise tax?<\/span><\/a><\/p>\n","protected":false},"author":21,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-119765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Form 720 excise tax?<\/title>\n<meta name=\"description\" content=\"Form 720 excise tax is a quarterly federal tax return that businesses must file if they engage in specific activities that are subject to excise taxes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Form 720 excise tax?\" \/>\n<meta property=\"og:description\" content=\"Form 720 excise tax is a quarterly federal tax return that businesses must file if they engage in specific activities that are subject to excise taxes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/namso-gen.co\/blog\/what-is-form-720-excise-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"Namso Gen Blog - 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Free Credit Card Generator [100% Valid]"},"image":{"@id":"https:\/\/namso-gen.co\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/synchronyfinancial","https:\/\/twitter.com\/synchrony","https:\/\/www.youtube.com\/synchronyfinancial","https:\/\/www.instagram.com\/synchrony","https:\/\/www.linkedin.com\/company\/synchrony-financial"]},{"@type":"Person","@id":"https:\/\/namso-gen.co\/blog\/#\/schema\/person\/545ed6085fa1cd2007175c756b1f9203","name":"Allen Wills","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/namso-gen.co\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","caption":"Allen Wills"},"description":"Guest author Allen Wills has meticulously crafted and revised this article to the best of their knowledge and understanding. Readers are strongly advised to exercise caution, verify information independently, and rely on their own judgment when considering the information provided. Read more articles on Namso Gen here."}]}},"_links":{"self":[{"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/posts\/119765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/comments?post=119765"}],"version-history":[{"count":0,"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/posts\/119765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/media\/107420"}],"wp:attachment":[{"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/media?parent=119765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/categories?post=119765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/namso-gen.co\/blog\/wp-json\/wp\/v2\/tags?post=119765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}