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20.1.4.8
(05-22-2009)
Form 720 Reporting Requirements
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Form 720, Quarterly Federal Excise Tax Return, and any related attachments, are used to report certain excise taxes. The return
is divided into three parts.
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Part I reports taxes that are subject to deposit requirements,
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Part II reports taxes that are not subject to deposit requirements, and
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Part III provides a computation of whether there is a balance due or an overpayment.
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Return periods beginning on or after October 1, 2001—The net tax liability for each class of tax is reported separately on Form 720, Schedule A, by semi-monthly periods:
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Semimonthly periods consist of two intervals within a month. The first semimonthly period is the first 15 days of a month. The second semimonthly period is the 16th day through the last day of a month.
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"Net tax liability"
the tax liability incurred during the semi-monthly period, plus or minus any applicable adjustments and claims for that
period.
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For communications and air transportation taxes, tax liability is treated as incurred in the semi-monthly period in which
the tax is collected, or
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in the case of the Alternative Method, is considered as collected.
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Form 720, Schedule C, is used to report adjustments to previously-reported liabilities and claims unrelated to liabilities
in lieu of filing a Form 8849, Claim for Refund of Excise Taxes.
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