Quick eFile 720!
What Is Retail Excise Tax on Form 720
Form 720 is the quarterly federal excise tax return used to report taxes on specific goods and activities. Retail excise tax reported on Form 720 refers specifically to the 12 percent tax on the first retail sale of certain heavy vehicles under Internal Revenue Code Section 4051.
Retail excise tax applies to:
- Highway tractors
- Heavy trucks
- Heavy trailers and semi-trailers
The tax is reported by the seller at the time of the first retail sale and is based on the sale price, excluding certain statutory items where allowed. Even if the tax is included in the sales price or passed on to the buyer, the seller must still file Form 720 and remit the tax due.
eFileExcise720 helps you enter taxable sales correctly and calculates the retail excise tax automatically based on your inputs.
Who Must File Retail Excise Tax Returns
You must file Form 720 for any quarter in which you make a taxable retail sale of heavy trucks, trailers, or tractors, even if you had only one qualifying transaction during the quarter. You may still be required to file:
- If the tax was included in the sales price
- If you collected the tax from the buyer
- If exemptions apply but you had reportable activity
Certain sales may be exempt, such as sales for resale or export, when supported by proper documentation. Accurate records including invoices, exemption certificates, and pricing details should be maintained.
Retail Sales Covered Under Section 4051
Heavy Trucks, Trailers and Tractors
Retail excise tax applies to the first retail sale of qualifying heavy highway vehicles. The seller is responsible for reporting the tax each quarter on Form 720 and paying the amount due.
The taxable amount is generally the retail sales price, subject to IRS rules and exclusions. eFileExcise720 provides clear prompts to help you select the correct Form 720 lines and enter the required amounts accurately.
How eFileExcise720 Helps with Retail Tax Filing
eFileExcise720 is an IRS-authorized e-file provider for Form 720 and Form 8849, designed to simplify federal excise tax filing and refund claims from start to finish.
Whether you need to file quarterly excise taxes using Form 720 or claim a refund for overpaid excise taxes using Form 8849, the platform provides a guided and streamlined experience.
You can save a draft return, review your entries, and submit when ready. Once filed, you receive IRS acceptance notification and can access your filed returns anytime from your account.
What You Need Before You File
Before starting your retail excise tax return, gather the following:
- Employer Identification Number and legal business name
- Business address and contact information
- Filing quarter and tax year
- Sales invoices for taxable retail vehicle sales
- Exemption documentation, if applicable
- Payment method for any tax due
Log in to eFileExcise720, select the quarter, choose the retail excise tax lines, and complete your filing with confidence.
Due Dates, Payments and Corrections
Form 720 is due on April 30 for the first quarter, July 31 for the second quarter, October 31 for the third quarter and January 31 for the fourth quarter. If the due date falls on a weekend or holiday the next business day applies. Late filing or late payment can lead to penalties and interest. Filing on time through our e file system helps you avoid missed deadlines.
You can authorize an electronic funds withdrawal when you e file or pay through EFTPS. Some excise taxes in Part I require semimonthly deposits through EFTPS when amounts are above set thresholds. Check the IRS instructions for details and keep deposit confirmations with your records.
If you discover an error after filing you can amend using Form 720-X. eFileExcise720 supports amendments so you can correct line items, credits or math mistakes. If you are due a refund of excise tax for an approved reason you may be able to claim it on Form 8849. Our team can guide you on how to create these forms in your account.
Filing Retail Tax on time keeps your business compliant and protects cash flow. Start your Form 720 return with eFileExcise720 today and file with clarity and confidence right now. Create a free account, choose your quarter and follow guided steps to complete the return. Save a draft, review totals then transmit securely to the IRS. If you need help our support team is ready with clear answers so you can finish on time.
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The final person I talked to was able to really help me and stayed on the line until the issue was resolved. I was about to end the call but she convinced me that she knew what i needed to do. A very good customer service person. Superior!.
The final person I talked to was able to really help me and stayed on the line until the issue was resolved. I was about to end the call but she convinced me that she knew what i needed to do. A very good customer service person. Superior!.