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Form 720 is a quarterly federal excise tax return used to report and pay certain excise taxes to the IRS. It applies to businesses involved in specific goods, services, or activities subject to federal excise tax. Federal Excise Taxpayers must report taxable quantities, calculate the tax due, and include any required schedules. The form is filed four times a year, following the end of each calendar quarter.

Though there are two methods to file Form 720, choosing online filing is the most efficient and reliable option. Electronic filing helps reduce errors, saves time, and ensures faster IRS acknowledgment. With QuickFile720, the electronic filing process is simple, secure, and guided step by step.

Step 1 - Create an Account: If you’re a new user, sign up for a free QuickFile720 account. Existing users can log in with their credentials.

Step 2 - Provide Business Details: For new users, the next step is to enter your business details. Click on “Add New Business” and complete the required fields, including:

• Business Name

• Employer Identification Number (EIN)

• Business Type (select from the drop-down options)

• Business Contact Information

If you are an existing user, click “Start New Filing.” Choose the appropriate filing type: Individual Filing or Bulk Filing. Choose your stored business name from the dropdown list to continue.

Step 3 - Choose Form Type: Select “Form 720 (Quarterly Federal Excise Tax)” as the form type. Accurately provide the tax year and quarter you are filing for, then click “Proceed.”

Step 4 - Select the Tax category you are filing for, then choose the applicable IRS number with sub-category. Make sure to carefully review your selection, as choosing the correct IRS number is critical for accurate tax reporting and IRS acceptance.

Step 5 - Enter Filing Information: Based on the selected tax category, you will be prompted to enter the required filing details, such as the tax period, fuel type, chemical type, and quantity, as applicable. Ensure all information is entered accurately, as these details are used to correctly calculate the total tax amount.

Step 6 – Auto Calculation for Tax Amount: The tax amount is automatically calculated by our portal based on the information you provide. Simply review the calculated amount for accuracy and proceed to the next step.

Step 7 - Choose a Payment Method: Review your information and choose one of the IRS payment methods:

• Electronic Funds Withdrawal (Direct Debit)

• EFTPS - Electronic Federal Tax Payment System

Step 8 - Complete Your Filing: Once the payment is completed, your Form 720 tax filing will be submitted within minutes.

You’ll receive instant IRS confirmation as soon as the IRS approves - no more waiting weeks for updates. The IRS requires every business to file federal excise taxes online.

WRAP:

Filing Form 720 electronically with QuickFile720 makes the entire process simple and stress-free. From accurate calculations to guided steps, everything is handled securely in one place. Online filing reduces errors and ensures faster IRS processing and confirmation. Choose QuickFile720 to file your federal excise taxes with confidence and ease.