eFile Excise720!
What Is IRS Form 720?
Form 720, the Quarterly Federal Excise Tax Return, is used to report and pay federal excise taxes to the IRS. These taxes apply to specific goods, products, and services at the point of manufacture, import, sale, or use. The form is filed quarterly - for the periods ending March 31, June 30, September 30, and December 31 of each calendar year.
Excise taxes differ from income taxes. They are typically tied to a specific activity or product type rather than overall profits. If your Colorado business falls into a category subject to federal excise tax, filing Form 720 is a legal requirement regardless of your business size or structure.
Who Needs to File Form 720 in Colorado?
Colorado businesses across several industries are required to file IRS Form 720. Common categories include:
Fuel and Energy
Businesses involved in the production, distribution, or sale of gasoline, diesel, aviation fuel, kerosene, or other taxable fuels must report and remit federal excise taxes using Form 720.
Transportation and Communication
Air transportation providers, telephone companies, and certain transportation-related businesses are subject to excise tax obligations that must be reported quarterly.
Health Insurance Providers
Insurers offering applicable health insurance policies, including self-insured plans, are required to report the Patient-Centered Outcomes Research Institute (PCORI) fee on Form 720.
Manufacturers and Importers
Colorado manufacturers or importers of taxable products - including tires, coal, chemicals, vaccines, and certain medical devices - must report those taxes through Form 720.
Retail and Wholesale Dealers
Businesses selling certain taxable goods at the retail or wholesale level, such as trucks, trailers, or heavy vehicles, may also have excise tax obligations.
If you are unsure whether your Colorado business is required to file, reviewing the IRS instructions for Form 720 or consulting a qualified tax professional is recommended.
How to File Form 720 in Colorado Online
Filing Form 720 online is the most efficient and reliable method for Colorado businesses. The IRS encourages electronic filing for accuracy and faster processing. Here is a general outline of the steps involved:
Gather your tax information
Identify which parts of Form 720 apply to your business. Each excise tax category has a separate line on the form with its corresponding tax rate.
Calculate your tax liability
Determine the quantities of taxable goods or services sold or used during the quarter, then apply the applicable federal excise tax rates.
Complete the form
Enter your business information, the applicable tax lines, and the total amount owed for the quarter.
Submit and pay
File electronically through an IRS-authorized provider and remit payment using an accepted method such as the Electronic Federal Tax Payment System (EFTPS).
Keep records
Retain documentation supporting your reported figures, including invoices, sales records, and tax calculation worksheets.
Key Deadlines for Colorado Filers
Form 720 is due on the last day of the month following the end of each calendar quarter:
Q1
January to March
due April 30,
2026
Q2
April to June
due July 31, 2026
Q3
Q3 July to September
due October
31, 2026
Q4
Q4 October to December
due
January 31, 2027
Important: Missing these deadlines can result in late filing penalties and interest charges from the IRS. Colorado businesses are encouraged to file on time, even if a payment cannot be made in full.
Why Colorado Businesses Use Efile Excise for Form 720
Efile Excise is an IRS-authorized e-file provider built specifically for Form 720 filers. The platform is designed to simplify the process for businesses, accountants, and tax professionals who need a reliable way to complete their quarterly excise tax filings.
Key features include:
- A guided filing experience that walks you through each applicable section of Form 720
- Built-in validation to help catch errors before submission
- Secure, encrypted data handling for your business information
- Direct IRS submission from the platform
- Support for multiple excise tax categories, including PCORI, fuel taxes, and more
- Access to pricing information with no hidden fees
Whether you are filing for the first time or need a dependable annual solution, Efile Excise makes IRS Form 720 filing manageable. You can also use the platform to file Form 8849 to claim refunds of certain federal excise taxes.
Frequently Asked Questions
File Your Colorado Form 720 Online Today
Colorado businesses subject to federal excise taxes have a clear responsibility to file Form 720 accurately and on time. Whether you operate in the fuel industry, provide health coverage, manufacture taxable products, or fall into another excise tax category, staying current with your IRS obligations protects your business from avoidable penalties.
Efile Excise720 is here to help. Our platform is built for Form 720 filers and designed to make quarterly excise tax filing straightforward. Learn more about us, review our pricing, or get started today by visiting efileexcise720.com and completing your IRS Form 720 filing online with confidence.
File Form 720 Online Now