Form 720X is used to make adjustments
to correct tax liabilities on form 720 filed for previous quarters.
It can be filed by itself or it can be attached to any subsequent
Form 720. Code section 6416(f) allows taxpayers to take a credit on
a subsequent return rather than filing a refund claim. Creation of
Form 720X is the result of a project to provide a uniform standard
for trust fund accounting.
US Code:
26
USC 6416 Name of Law: Certain taxes on sales and services
US Code: 26
USC 6103 Name of Law: Confidentiality and disclosure of returns
and return information
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.