About Form 720, Quarterly Federal Excise Tax Return | Internal Revenue Service
Summary: Form 720 is the official IRS document used by businesses to report and pay quarterly federal excise taxes, including environmental, fuel, communications, and air transportation taxes.
Form 720 (Rev. March 2026) is the Quarterly Federal Excise Tax Return used by taxpayers to report and pay various federal excise taxes. The form covers several categories, including environmental taxes (petroleum, chemicals, ODCs), communications and air transportation taxes, fuel taxes, retail taxes, ship passenger taxes, foreign insurance taxes, manufacturer's taxes, and the Patient-Centered Outcomes Research Fee. The document includes detailed schedules for excise tax liability (Schedule A), two-party exchange information (Schedule T), and various tax claims (Schedule C). It also includes a payment voucher (Form 720-V) for taxpayers submitting payments by check or money order.
Document outline
1. Form 720: Quarterly Federal Excise Tax Return (Rev. March 2026) 2. Part I: Environmental, Communications, Air Transportation, and Fuel Taxes 3. Part II: Retail, Ship Passenger, Foreign Insurance, Manufacturer's Taxes, and Patient-Centered Outcomes Research Fee 4. Part III: Total Tax, Claims, Deposits, and Balance Due/Overpayment 5. Schedule A: Excise Tax Liability (Regular and Alternative Methods) 6. Schedule T: Two-Party Exchange Information Reporting 7. Schedule C: Claims (Nontaxable use of fuel, etc.) 8. Form 720-V: Payment Voucher