Part Three. Quarterly Filing Information 13. Filing Form 720

Use Form 720 to report and pay the excise taxes previously discussed in this publication. File Form 720 for each calendar quarter until you file a final Form 720. For information on filing Form 720 electronically, go to IRS.gov/e- File-Providers/720-MeF-Providers .

You may be required to file your returns on a monthly or semimonthly basis instead of quarterly if you don’t make deposits as required (see Payment of Taxes, later) or are liable for the excise tax on taxable fuels and meet certain con- ditions.

Form 720 has three parts and three schedules.

• Part I consists of excise taxes generally required to be deposited. See Payment of Taxes, later.

• Part II consists of excise taxes that aren’t required to be deposited.

• Part III is used to figure your tax liability for the quarter and the amount of any balance due or overpayment.

• Schedule A, Excise Tax Liability, is used to record your net tax liability for each semimonthly period in a quarter. Complete it if you have an entry in Part I.

• Schedule C, Claims, is used to make claims. However, Schedule C can only be used if you're reporting a liability in Part I or Part II.

• Schedule T, Two-Party Exchange Information Reporting, is used to report certain exchanges of taxable fuel before or in connection with the removal at the terminal rack.

Attachments to Form 720. You may have to attach the following forms.

• Form 6197 for the gas guzzler tax.

• Form 6627 for environmental taxes.

• Form 7208 for repurchase of corporate stock taxes.

Form 720-X. This form is used to make adjustments to Forms 720 filed in prior quarters. You can file Form 720-X by itself or, if it shows a decrease in tax, you can attach it to Form 720. See Form 720-X for more information.

Conditions to allowance. For tax decreases, the claimant must check the appropriate box on Form 720-X stating that:

1. For adjustments of communications or air transportation taxes, the claimant has:

a. Repaid the tax to the person from

whom it was collected, or

b. Obtained the consent of that person

to the allowance of the adjustment.

2. For other adjustments, the claimant has:

a. Not included the tax in the price of the

article and not collected the tax from the purchaser,

b. Repaid the tax to the ultimate pur chaser, or

c. Attached the written consent of the ul timate purchaser to the allowance of the adjustment.

However, the conditions listed under (2) don’t apply to environmental taxes, the ship passenger tax, obligations not in registered form, foreign insurance taxes, fuels used on inland waterways, cellulosic or second generation biofuel sold as but not used as fuel, biodiesel sold as fuel but not used as fuel, and certain fuel taxes if the tax was based on use (for example, dyed diesel fuel used in trains, LPG, and CNG).

Final return. File a final return if:

• You go out of business, or

• You won’t owe excise taxes that are reportable on Form 720 in future quarters.

Due dates. Form 720 must be filed by the following due dates.

Quarter Covered Due Dates

January, February, March . . . . . April 30 April, May, June . . . . . . . . . . . . . . July 31 July, August, September . . . . . . October 31 October, November, December . . . . . . . . . . . . . . . . . . January 31

If any due date falls on a Saturday, Sunday, or legal holiday, you can file the return on the next business day.

One-time filing. If you import a gas guzzling automobile, you may be eligible to make a one-time filing using your SSN if you:

• Don't import gas guzzling automobiles in the course of your trade or business, and

• Aren’t required to file Form 720 reporting other excise taxes for the calendar quarter, except for a one-time filing.

If you meet both requirements above, see Gas guzzler tax (IRS No. 40) in the Instructions for Form 720 for how to file and pay the tax.

Annual filing. If you are required to file Form 720 reporting repurchase of corporate stock tax:

• Don’t report the repurchase of corporate stock tax quarterly.

• Report the repurchase of corporate stock tax one time annually on the Form 720 (IRS No. 150) due for the first full quarter after the close of your tax year, and attach Form 7208.

Payment voucher. Form 720-V, Payment Voucher, must be included with Form 720 if you have a balance due on Form 720, line 10; and you're making your payment by check or money order.