Extension without change of a currently approved collection
No
Regular
12/28/2020
Requested
Previously Approved
36 Months From Approved
01/31/2021
180,000
405,744
2,173,641
4,475,817
0
0
Excise taxes are taxes paid when
purchases are made on a specific good, such as gasoline. Excise
taxes are often included in the price of the product. There are
also excise taxes on activities, such as on wagering or on highway
usage by trucks. One of the major components of the excise program
is motor fuel. 26 USC 4081 imposes tax for miscellaneous excise
taxes, manufacturers excise taxes, automotive and related items,
petroleum products and motor and aviation fuel. The information
supplied on Form 720 is used by the IRS to determine the correct
tax liability. Additionally, the data is reported by the IRS to
Treasury so that funds may be transferred from the general revenue
funds to the appropriate trust funds.
US Code:
26
USC 4081 Name of Law: Imposition of tax
Form 720, Quarterly Federal
Excise Tax Return, is used to report liability by IRS number and to
pay the excise taxes listed on the form. Updated filing estimates
will result in a decrease to the annual respondents by 225,744
responses per year. This decrease will lower the burden by an
estimated 2,302,176 hours.
$114,086
No
Yes
Yes
Yes
No
No
No
George Angus 202
283-7149
No
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.