Categories: General Tax Terms
Form 720 is a tax form used in the United States to report and pay the federal excise tax on certain goods, services, and activities.
It is primarily utilized to report taxes imposed on items such as fuel, air transportation, and certain types of insurance. Businesses required to file Form 720 must do so quarterly, detailing the applicable excise taxes and calculating the total amount due.
For example, if a company sells gasoline, it must report and pay the federal excise tax on that gasoline using Form 720, ensuring compliance with federal tax regulations.
« Back to Glossary Index