Introduction
Are you looking for IRS Fully Automated E-Filing Form 720? This Blog will explain why SIMPLE720 is one of the IRS Fully Automated E-Filing Form 720
The IRS e-filing form 720 is used to report and pay excise taxes on a quarterly basis. This form is also used to file for certain tax credits, such as the Alternative Fuel Vehicle Refueling Property Credit. This article will cover all the information you need to know about filing Form 720 electronically, including who must file, what the requirements are, and when the form is due.
What Is Form 720
e-filing Form 720 is the IRS form used to report quarterly federal excise taxes. Form is filed by businesses that have sold certain types of products or services, including alcohol, tobacco, firearms, and fuel.
Businesses must file Form 720 if they have sold:
Alcohol.
Tobacco.
Firearms.
Fuel.
The IRS requires businesses to file Form 720 quarterly. businesses that do not file Form 720 may be subject to penalties. To file Form 720, businesses must first register with the IRS. After registering, businesses will be able to file their Quarterly Federal Excise Tax Return electronically.
Who Must File Form 720
The IRS Form 720 is used to report and pay excise taxes on a variety of activities, including the manufacturing and sale of certain products, the use of certain types of vehicles, and the provision of certain services.
Businesses that are engaged in any of these activities must file Form 720 if they meet any of the following criteria:
Engaged in a business with gross receipts that exceed $500,000 for the year.
Engaged in a business with gross receipts that do not exceed $500,000 for the year but that is part of an overall group of businesses with combined gross receipts that exceed $500,000 for the year.
Required to file e-filing Form 720 because they listed in the instructions to the form as a type of business that must file.
For example, if you are reporting on activity taking place during the first quarter of 2020 (January 1 – March 31), you must file Form 720 by April 30, 2020.
What Are The Requirement For E-Filing Form 720 Electronically?
To IRS Fully Automated E-Filing Form 720, you’ll need to have the following information on hand:
1. Your IRS e-file Provider Identification Number – You can find this on your IRS e-file application, welcome letter, or by contacting the e-file customer service number at 1-800-829-1040.
2. Your Client Identification Number -This is assigned to your e-file provider and is used to identify your tax return.
3. The dollar amount of the excise tax reported on Form 720 – You’ll need to know this in order to complete the form.
4. The date the excise tax was incurred – This should be the date on which the activity that resulted in the excise tax occurred.
5. The method used to e-filing Form 720 – You can choose between filing electronically or via paper form. If you’re filing electronically, you’ll also need to provide a bank account and routing number for payment purposes. Once you have all of the required information, you can begin filling out Form 720.
When Is Form 720 Due?
Form 720 is due quarterly, on the last day of the month following the end of the quarter. For example, if you have a calendar year business, your first Form 720 for 2020 would be due on April 30, 2020. You would then e-filing Form 720 again on July 31, 2020, October 31, 2020, and January 31, 2021.
How Do I File Form 720 Electronically?
If you’re wondering how to e-filing Form 720 electronically, the process is actually quite simple. The first thing you’ll need to do is visit simple720.com to create an account with the IRS e-file system. Once you have an account, you can then log in and begin the process of filing your Form 720.
The IRS e-file system will walk you through the steps of completing and filing your Form 720. In most cases, all you’ll need to do is provide some basic information about yourself and your business, and then upload the form. Once you’ve completed the form and submitted it, the IRS will review it and either approve or reject it.
If you’re approved, you’ll be able to print out a copy of your Form 720 for your records. If you’re rejected, you’ll need to make any necessary changes and resubmit the form.
Overall, e-filing Form 720 electronically is a quick and easy way to get your form filed with the IRS. And best of all, it’s free! So if you haven’t already done so, be sure to sign up for an e-file account today.