Form 720 is filed by businesses that deal with the sale of certain goods and services. These businesses are required to pay extra taxes, known as “Excise Taxes”. This Federal excise tax has four quarters for a calendar year and the deadline for each quarter is last day of the following month i.e, by April 30 for the first quarter, by July 31 for the second quarter, by October 31 for the third quarter and by January 31 for the final quarter. The first quarter of 2020 (for the months Jan, Feb and Mar) is due by April 30. And Even if you are not liable for excise taxes during any of the quarters of the year, you must send in Form 720 according to the due dates.
Due to the ongoing situation many businesses and essential services are closed and do not have any Excise tax to report. Though they have no sale to report they will still need to file out a Form 720 by reporting a Zero Return (Zero Tax Liability).
A zero return substantially means that no sale or business operations were conducted during that quarter. And Having Form 720 completed essentially allows the business to stay compliant with the existing norms and guidelines listed by the IRS.
Away from your desk, currently working from home, and is the tax deadline crunch getting to you, Look No Further !!
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