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IRS form 720

Discussion in 'Ask An Owner Operator' started by Fist95n, Jan 24, 2019.

  1. Jan 24, 2019 #1
    Fist95n

    Fist95n Bobtail Member

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    Jan 24, 2019
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    New to being an o/o, when I filed for the EIN I got a reply that I need to file the 720, 1065, 940, and 941. Since no employees, I avoid the 940 and 941. However, I do not understand whether or not I file the 720. I have been to the IRS site and it is confusing, any help would be appreciated.

    V/r

    Bryan
     
    Fist95n, Jan 24, 2019
    Fist95n, Jan 24, 2019
    #1
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  3. Jan 24, 2019 #2
    xsetra

    xsetra Road Train Member

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    Form 720 is for filing "excise tax"

    Form 720 is used by businesses that are required to collect federal excise taxes on goods and services provided to customers. These taxes run a wide gamut, from gasoline taxes to fees on coal-based products to surcharges on airline tickets.

    I doubt you need to file the 720.
     
    xsetra, Jan 24, 2019
    xsetra, Jan 24, 2019
    #2
  4. Jan 25, 2019 #3
    Fist95n

    Fist95n Bobtail Member

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    Jan 24, 2019
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    Thanks, it was confusing, we haul scrap metal as a carrier for hire. I mostly read about sales but it had verbiage about some taxes applying to truck drivers but didn’t address sales in that area.
     
    Fist95n, Jan 25, 2019
    Fist95n, Jan 25, 2019
    #3
  5. Jan 29, 2019 #4
    Snailexpress

    Snailexpress Road Train Member

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    720 is allow you to get refund or credit for fuel you use for business but not propulsion. Reefer fuel, APU fuel, garage heating and so. You need to obtain code from IRS to report monthly. If you want to have refund.
     
    Snailexpress, Jan 29, 2019
    Snailexpress, Jan 29, 2019
    #4
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