Are you looking for form 720 e-filing instructions? This blog will explain form 720 e-filing instructions.
Form 720 E-Filing Instructions
Form 720 e-filing is an annual return that certain businesses must file with the Environmental Protection Agency (EPA). The form is used to report receipts from the sale of certain chemicals and pollutants, as well as to pay the related fees.
Businesses that manufacture, import, or process certain chemicals and pollutants covered by the form must file Form 720. This includes businesses that produce chemicals subject to the Chemicals Management Program, as well as those that produce automotive air conditioning refrigerants, ozone-depleting cleaners, and tire-derived black carbon.
Form 720 must be filed by the end of each calendar year. The due date is February 28 of the following year for paper filers, and March 31 for electronic filers.
The form must be filed with the EPA office in your region. You can find the appropriate address on the form instructions or on the EPA website.
To file Form 720, you will need to complete all four parts of the form:
Part I – Taxpayer Identification: This section asks for your business’s name, contact information, and tax ID number.
Part II – Summary of Receipts: In this section, you will need to summarize your total receipts from the sale of each chemical or pollutant covered by Form 720.
Part III – Pollutant Liable for Fee: In this section, you will need to report the total amount of each pollutant you sold during the year. You will also need to calculate and report the fee due for each pollutant.
Part IV – Signature and Verification: This section must be completed and signed by an authorized representative of your business. You will also need to provide your authorized representative’s contact information.
What is Form 720 e-filing instructions?
Form 720 is used to report certain types of excise taxes. The form is filed quarterly, and the due date is the last day of the month following the end of the quarter.
Some of the taxes that are reported on Form 720 include:
• Fuel tax
• Environmental taxes
• Communication services tax
• Manufacturer’s excise taxes
Form 720 must be filed electronically using the IRS e-File system. You will need to create an account and then follow the instructions for filing Form 720. You will need to have the following information ready when you start:
• Your business name, address, and EIN
• The tax period (quarterly) for which you are filing
• The total amount of excise taxes you are reporting
• The specific excise taxes you are reporting (fuel tax, environmental tax, etc.)
Who Must File Form 720 e-filing instructions?
You must file Form 720 if you are engaged in a trade or business and you have had any of the following transactions during the year:
1. Receipt of a premium for liability insurance, including reinsurance;
2. Issuance of a policy covering liability insurance, including reinsurance;
3. Maintenance of an account for premiums on liability insurance, including reinsurance; or
4. Underwriting a policy of liability insurance, including reinsurance.
When is Form 720 Due?
Form 720 must be filed quarterly, on the following dates:
– April 1 for the first quarter (January 1 – March 31)
– July 1 for the second quarter (April 1 – June 30)
– October 1 for the third quarter (July 1 – September 30)
– January 15 of the following year for the fourth quarter (October 1 – December 31)
Where to File Form 720
Form 720 can be filed electronically through the IRS e-file system or by paper. To file electronically, taxpayers must have software that generates a fillable Form 720. Taxpayers who e-file will receive an electronic acknowledgment from the IRS when the agency accepts the return.
The electronic version of Form 720 is available on the Simple720 website at www.simple720.com Taxpayers who file by paper should mail Form 720 to:
Department of the Treasury
Internal Revenue Service
P.O. Box 409101
Ogden, UT 84409
How to File Form 720
Form 720 is used to report certain types of excise tax liabilities. These include environmental taxes, fuel taxes, and certain manufacturing taxes. To file Form 720, you’ll need to complete it and submit it to the IRS.
To complete Form 720, you’ll need to provide information about your business, the excise taxes you owe, and your contact information. You’ll also need to calculate your tax liability using the instructions on the form. Once you’ve completed the form, you can file it electronically or mail it to the IRS.
If you’re filing Form 720 electronically, you’ll need to use the IRS e-file. To do this, you’ll need to create an account and register your business. Once you’ve registered, you’ll be able to submit your Form 720 and make any payments due.
If you’re mailing your Form 720, you’ll need to send it to the address listed on the form. Be sure to include any payment due with your Form 720. You may be subject to penalties and interest if you don’t pay the taxes owed.
Part I – Taxpayer Identification
Part I – Taxpayer Identification
The taxpayer identification section is where you will enter your personal information. This includes your name, address, social security number, and date of birth. You will also need to enter your filing status and verify your identity by entering a PIN.
Part II – Summary of Receipts
Part II – Summary of Receipts
The second part of Form 720 is where you’ll report your total receipts for the year. This includes any income you received from interest, dividends, capital gains, rents, and royalties. You’ll also need to report any other miscellaneous income you received during the year.
Total your receipts for the year and enter the amount on line 2 of Part II. Then complete the rest of the form as instructed.
Part III – Pollutant Liable for Fee
1) Enter the name of the pollutant in Part III. If you are unsure of the name, please consult the Toxics Release Inventory (TRI) Glossary of Terms
2) Enter the associated CAS number for the pollutant in Part III. The CAS number is a unique identifier used to track chemicals and allow for easy identification. If you do not know the CAS number for your pollutant, you can find it in the TRI Chemicals Listed in Reporting Year 2018 table
3) In Part III, enter the quantity of the pollutant released into the air during the year reported on line 4a. The quantity can be reported in either pounds or tons. Use whole numbers only, do not enter decimals or fractions
4) If you are reporting emissions for multiple facilities under a single Form 720, you must complete a separate Part III for each facility
Part IV – Signature and Verification
The signature and verification section of Form 720 is where the filer affirms that the information provided in the form is accurate to the best of their knowledge. This section must be completed and signed by the filer in order for the form to be considered complete.
In order to complete this section, the filer must first provide their full name, title, and date. The filer must then sign and date the form. Finally, the filer must provide their mailing address, telephone number, and email address.