Form 720 is a tax filing form used by businesses for reporting and paying various federal excise taxes. The form requires businesses to provide detailed information on their liability and make payment accordingly. To ensure compliance with tax regulations, it is essential for businesses to correctly file Form 720 and submit it to the appropriate location. This dictionary entry explains the process of filing Form 720, including where to file it and the necessary steps involved.
Where to File:
When it comes to filing Form 720, businesses should send the completed form along with any required payment to the Department of the Treasury, Internal Revenue Service (IRS). The mailing address for filing Form 720 depends on the type of tax being reported and the location of the business.
For businesses located in Alabama, Connecticut, Delaware, District of Columbia, Georgia, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and West Virginia, the Form 720 should be mailed to:
Department of the Treasury
Internal Revenue Service Center
Cincinnati, OH 45999-0009
For businesses located in Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wisconsin, and Wyoming, the Form 720 should be mailed to:
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201-0009
Businesses located in any other state not mentioned above should refer to the instructions accompanying Form 720 or consult the IRS website for the correct mailing address.
Steps to File Form 720:
To properly file Form 720, businesses should follow these important steps:
- Obtain the form: Form 720 can be downloaded from the official IRS website (irs.gov) or requested by calling the IRS directly. It is crucial to ensure the correct version of the form is used, as outdated forms may have different lines or requirements.
- Gather necessary information: Before filling out Form 720, businesses should gather all the relevant information, including their employer identification number (EIN), business name, contact details, and financial records pertaining to the taxes being reported.
- Complete the form accurately: Carefully review the instructions provided with Form 720 to understand how to complete each section accurately. It is crucial to enter the correct tax period, specify the type of tax being reported, and accurately calculate the excise tax liability.
- Attach supporting documents: Depending on the specific taxes being reported, additional attachments might be required. Common attachments include Schedule A (for gas guzzler tax) and Schedule C (for obligations not in registered form).
- Double-check the form: Once the form is completed, it is essential to review all the information entered for accuracy and to ensure that no fields are left empty. This step is critical to avoid delays or potential penalties.
- Make payment: If any excise taxes are owed, businesses should make payment with their completed Form 720. The IRS provides various payment options, including electronic funds withdrawal, credit card payment, check, or money order. It is important to follow the instructions provided with the form to ensure timely and correct payment.
- File the form: After completing all the necessary steps and ensuring accurate information, businesses should then mail the completed Form 720 and any required attachments to the appropriate mailing address.
By following these steps and properly filing Form 720, businesses can fulfill their obligations, maintain compliance with federal tax laws, and avoid penalties or unnecessary complications. It is advisable to consult with a tax professional or refer to the IRS resources for further guidance and clarification on the specific requirements associated with completing and filing Form 720.
