The federal government has imposed excise taxes on specific products and services for their usage, consumption, dealing, imports and exports. Consumers, owners, and dealers of those products and services are subjected to excise taxes to be paid every quarter of the tax year to the IRS. Federal excise taxpayers need to carefully understand the rules and regulations of the IRS on reporting and paying their excise taxes. These taxes are paid to the IRS using the form 720 every quarter, and it contains a lot of categories, sections, and parts for all the products and services that come under the federal excise tax etiquette. As we all know, form 720 must be reported every quarter; you must file form 720 four times per tax year. Form 720 has deadlines for every quarter. Therefore, the federal excise taxpayers should report their form 720 taxes for their product/service on or before the respective deadline for the quarter. Otherwise, the IRS will take severe actions like penalties, late fees, and interest on your 720 tax dues.
Form 720 federal excise taxes are paid only once a year for certain categories like the PCORI fee. So, you should understand the regulations of the IRS and report your form 720 taxes accordingly. You will get one month to report your form 720 excise tax returns when a quarter is over. You should file your 720 tax reports on or before the end of that month.
Form 720 Due Dates
| Reporting Months (Quarter) | Due Date |
|---|---|
| January, February, March (1st Quarter) | April 30 |
| April, May, June (2nd Quarter) | July 31 |
| July, August, September (3rd Quarter) | October 31 |
| October, November, December (4th Quarter) | January 31 |
Please note that if any due date falls on weekends or public holidays, it rolls over to the next business day.
FAQs
When is the form 720 due date falls?
The deadline to report your form 720 federal excise tax falls on the last working day of the month next to the quarter. And if the due falls on a weekend or a public holiday, you should report your form 720 on the next business day.
Can I e-file form 720 at TaxExcise.com?
You can easily e-file your form 720 excise taxes at TaxExcise.com for every quarter. We offer you a convenient online platform where you easily choose your respective category among the vast range of parts and sections of form 720. Then, you can prepare and transmit your form 720 tax returns to the IRS smoothly. E-filing form 720 is the best method to report your excise taxes to stay ahead of the due dates every quarter.
Can I report my form 720 federal excise taxes once a year?
You shouldn’t report your form 720 federal excise taxes once a year. You report your form 720 tax returns and pay them every quarter to the IRS to avoid actions from the IRS against you or your business entity. You should report your form 720 excise taxes every quarter and that too within the respective deadlines of each quarter.
What is the due date of the annual PCORI fee?
The PCORI fee is paid annually using the federal excise tax form 720 during the second quarter of the tax year. Therefore, the last date to pay the PCORI fee using form 720 is July 31.
What mailing services should I use when I paper file my form 720 tax returns?
You should prefer delivery services like DHL Express, Federal Express or United Parcel Service for timely mailing/delivery requirements to report your form 720 federal excise taxes on time.