Instructions For Form 720 - Quarterly Federal Excise Tax Return

Department of the Treasury

Instructions for Form 720

Internal Revenue Service

(Rev. January 2003)

Quarterly Federal Excise Tax Return

Section references are to the Internal Revenue Code unless otherwise noted.

Floor stocks tax. Report the floor stocks tax on

General Instructions

ozone-depleting chemicals (ODCs), IRS No. 20, on the

return due by July 31 of each year. The tax payment is

Changes Beginning 2003

due by June 30. See page 6.

•

The tax on sales of luxury passenger vehicles

Where To File

(IRS No. 92) has expired.

•

The tax on use of international air travel facilities (IRS

Send Form 720 to the Internal Revenue Service Center,

No. 27) has increased for amounts paid during 2003. See

Cincinnati, OH 45999-0009.

page 3 for the new rates.

•

Fuel tax changes:

How To File

The following tax rates increased:

If you are not reporting a tax that you normally report,

enter a zero on the appropriate line in Part I or II (Form

10% gasohol (IRS No. 59) . . . . . . . . . . . . . . . . . . . . . . .

.132

720). Also, if you have no tax to report, write “None” on

line 3, Part III; sign and date the return.

7.7% gasohol (IRS No. 75) . . . . . . . . . . . . . . . . . . . . . . .

.14396

If you have adjustments to liabilities reported for prior

5.7% gasohol (IRS No. 76) . . . . . . . . . . . . . . . . . . . . . . .

.15436

quarters, see Form 720X, Amended Quarterly Federal

Gasoline removed or entered for the production of 10%

.14666

Excise Tax Return. Do not enter adjustments on Form

gasohol (IRS No. 58) . . . . . . . . . . . . . . . . . . . . . . . . . . .

720.

Gasoline removed or entered for the production of 7.7%

.15596

If you attach additional sheets, write your name and

gasohol (IRS No. 73) . . . . . . . . . . . . . . . . . . . . . . . . . . .

EIN on each sheet.

Gasoline removed or entered for the production of 5.7%

.16369

gasohol (IRS No. 74) . . . . . . . . . . . . . . . . . . . . . . . . . . .

One-Time Filing

If you import a gas guzzling automobile, you may be

The gasohol blending credit rates for gasoline taxed at the full rate

eligible to make a one-time filing of Form 720 and Form

decreased:

6197, Gas Guzzler Tax, if you meet all of the following

conditions:

10% gasohol (CRN 356) . . . . . . . . . . . . . . . . . . . . . . . . . .

$.03734

•

You do not import gas guzzling automobiles in the

7.7% gasohol (CRN 357) . . . . . . . . . . . . . . . . . . . . . . . . .

.02804

course of your trade or business and

•

You are not required to file Form 720 reporting excise

5.7% gasohol (CRN 363) . . . . . . . . . . . . . . . . . . . . . . . . .

.02031

taxes for the calendar quarter, except for a one-time

In addition, the tax on ethanol fuels under IRS No. 79

filing.

and No. 51 have changed.

To make a one-time filing:

1. File the return for the quarter in which you incur

Purpose of Form

liability for the tax. See When To File above.

Use Form 720 and attachments to report liability by IRS

2. Pay the tax with the return. No deposits are

No. and pay the excise taxes listed on the form.

required.

3. If you are an individual and do not have an

When To File

employer identification number (EIN), enter your social

You must file a return for each quarter of the calendar

security number (SSN) or individual taxpayer

year as follows:

identification number (ITIN) on Form 720 in the space for

the EIN.

Quarter covered

Due by

4. Check the one-time filing box above Part I of

Form 720.

Jan., Feb., Mar.

April 30

Apr., May, June

July 31

Final Return

July, Aug., Sept.

October 31

File a final return if you have been filing Form 720 and

Oct., Nov., Dec.

January 31

you:

1. Go out of business or

If any due date for filing a return falls on a Saturday,

2. Will not owe excise taxes that are reportable on

Sunday, or legal holiday, you may file the return on the

Form 720 in future quarters.

next business day.

Send your return to the IRS using the U.S. Postal

If you are only filing to report zero tax and you will

Service or a designated private delivery service to meet

TIP

not owe excise tax in future quarters, check the

the “timely mailing as timely filing/paying” rule. See

final return box above Part I of Form 720. The IRS

Private Delivery Services on page 2.

will then stop sending Package 720 to you each quarter.

Cat. No. 64240C

Instructions For Form 720 - Quarterly Federal Excise Tax Return - 2003

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