In the United States, it is mandatory that Individuals and companies doing business need to file taxes with the Federal Government. Based on the circumstance of the company or taxpayer there are a multiplicity of forms available for filing tax. Another way Form 720 is Quarterly Federal Excise Tax Return.

What is the purpose for filing IRS Form 720?

IRS form 720 is utilized to file and disburse excise taxes due on a quarterly basis in order to keep liabilities well under control. Depending on their business model, select companies are requisite to pay excise tax to the federal government. Businesses involving trade of gasoline or tobacco or in services including indoor tanning are required by law to file an excise tax return. Continue reading →