Instructions For Forms 720-To And 720-Cs - (March 2001) printable pdf download

Instructions for Forms

Department of the Treasury

Internal Revenue Service

720-TO and 720-CS

(March 2001)

Terminal Operator Report and Carrier Summary Report

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

Extension of Time To File

General Instructions

You may request an extension of up to 30 days to file a return.

These instructions are for paper filers. See Pub. 3536, Excise

Explain the cause of the delay fully and send your request to the

Tax EDI Guide, for the electronic reporting instructions.

Internal Revenue Service Center, Cincinnati, OH 45999.

Purpose of Forms

Corrected Returns

Form 720-TO is an information return that will be used by

If you filed a return with the IRS and later discover you made

terminal operators to report their monthly receipts and

an error, you must correct it as soon as possible. If you filed

disbursements of liquid products.

your return electronically, see Pub. 3536 for instructions.

Form 720-CS is an information return that will be used by

When making a correction to a paper filed return, you must

carriers to report their monthly receipts and disbursements of

send in the first page of Form 720-TO or 720-CS and the

liquid products.

schedule(s) that needs to be corrected with the “Void” box

A liquid product is any liquid that is transported into storage

checked. Identify the transaction you are correcting, either by

at a terminal or delivered out of a terminal. See the product code

highlighting or attaching an explanation. Then, complete another

table on page 5.

first page of Form 720-TO or 720-CS along with the corrected

schedule(s) with the “Corrected” box checked. On the corrected

When To File

schedule(s), only enter the information for the transaction you

are correcting.

Form 720-TO and 720-CS must be filed monthly. The report is

due the last day of the month following the month in which the

Recordkeeping

transaction occurs. The first month for reporting is April, 2001,

and must be filed by May 31, 2001.

Keep copies of information returns you have filed with the IRS

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

or the data to reconstruct for at least 3 years from the date of the

or legal holiday, you may file the return on the next business day.

return. Your records must be available at all times for inspection

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

by the IRS.

a designated private delivery service to meet the “timely mailing

as timely filing/paying” rule. See Private Delivery Services

Penalty

below.

Failure to file correct information returns by the due date.

Where To File

If you fail to file a correct information return by the due date and

you cannot show reasonable cause, you may be subject to a

Mail Forms 720-TO and 720-CS to the Internal Revenue

penalty. The penalty applies if you fail to file timely, you fail to

Service Center, Cincinnati, OH 45999. Send the forms to the

include all information required to be shown on a return, or you

IRS in a flat mailing (not folded). Do not staple, tear, or tape any

include incorrect information on a return. The penalty also

of these forms. If you are sending many forms, you may send

applies if you report an incorrect employer identification number

them in conveniently sized packages. On each package, write

(EIN) or fail to report an EIN where required.

your name and EIN and number the packages consecutively.

Postal regulations require forms and packages to be sent by

Private Delivery Services

First-Class Mail.

You can use certain private delivery services designated by the

How To Complete Forms 720-TO and 720-CS

IRS to meet the “timely mailing as timely filing/paying” rule for tax

returns and payments. The most recent list of designated private

Below are suggestions that will allow the IRS to process the

delivery services was published by the IRS in August 1999. This

submitted forms in the most economical manner:

list includes only the following:

1. If you need additional forms or schedules, you may use

Airborne Express (Airborne): Overnight Air Express Service,

photocopies.

Next Afternoon Service, Second Day Service.

2. Although handwritten forms are acceptable, the IRS

DHL Worldwide Express (DHL): DHL “Same Day” Service,

prefers that you type or machine print data entries using 10 pitch

DHL USA Overnight.

(pica) or 12 pitch (elite) black type. Use block print, not script

characters. Insert data in the middle of the blocks well separated

Federal Express (FedEx): FedEx Priority Overnight, FedEx

from other printing and guidelines, and take other measures to

Standard Overnight, FedEx 2Day.

guarantee a dark black, clear, sharp image.

United Parcel Service (UPS): UPS Next Day Air, UPS Next

3. Do not enter 0 (zero) or “None” in data entry boxes when

Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M.

no entry is required. Leave the boxes blank unless the

The private delivery service can tell you how to get written

instructions specifically require that you enter a 0 (zero).

proof of the mailing date.

Cat. No. 28663J

Instructions For Forms 720-To And 720-Cs - (March 2001)

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