Form 720x - Amended Quarterly Federal Excise Tax Return
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Form 720X (Rev. 7-2006)
Page
General Instructions
Line 2
You must use line 2 to report any adjustments to the section 4051(d)
Section references are to the Internal Revenue Code unless otherwise
tire credit for a prior quarter. For example, if you report an additional
noted.
taxable vehicle on line 1 for IRS No. 33, the applicable tire credit is
Purpose of Form
reported on line 2. See the Instructions for Form 720 for more
information on the tire credit.
Use Form 720X to make adjustments to liability reported on Forms
Line 3a
720 you have filed for previous quarters. Do not use Form 720X to
make changes to claims made on Schedule C (Form 720), except for
Collectors using the alternative method for deposits must adjust their
the section 4051(d) tire credit.
separate account for any credits or refunds made to customers of the
Caution: You must include in gross income (income tax return) any
collector. Form 720X cannot be used for this purpose. For more
overpayment from line 4 of Form 720X if you took a deduction on the
information, see Alternative method on page 8 in the Instructions for
income tax return that included the amount of the taxes and that
Form 720.
deduction reduced the income tax liability. See Publication 510 for
Line 5
more information.
When To File
If you want your overpayment refunded to you, check the box for
line 5a.
Generally, adjustments that decrease your tax liability for a prior
If you want your overpayment applied to your next Form 720, check
quarter must be made within 3 years from the time the return was filed
the box for line 5b and enter the quarter ending date of your next
or 2 years from the time the tax was paid, whichever is later.
Form 720. You can file Form 720X separately or you can attach it to
Where To File
your next Form 720.
Caution: If you checked the box on line 5b, be sure to include the
If you are filing Form 720X separately, send Form 720X to the Internal
overpayment amount on lines 6 and 7 on your next Form 720. See
Revenue Service Center, Cincinnati, OH 45999-0009. Otherwise,
Form 720 for details. If you owe other federal tax, interest, or penalty,
attach Form 720X to your next Form 720.
the overpayment will first be applied to the unpaid amounts.
Specific Instructions
Signature
Line 1
Form 720X must be signed by a person authorized by the entity to
sign this return. You must sign Form 720X even if it is filed with Form
Report each adjustment separately on line 1. You can use line 6 for
720 to apply an overpayment.
your explanation or you can attach additional sheets with your name
and EIN as needed. You must include the following information on line
6 for each adjustment.
Privacy Act and Paperwork Reduction Act
1. A detailed description of the adjustment.
Notice
2. The computation of the amount.
Communications excise tax, toll telephone service. Collectors must
We ask for the information on Form 720X to carry out the Internal
stop collecting and paying over the tax on nontaxable service that is
Revenue laws of the United States. Section 6011 requires you to
billed after July 31, 2006. Nontaxable service means bundled service
provide the requested information. Section 6109 requires you to
and long distance service. Collectors using the regular method for
provide your taxpayer identification number. If you fail to provide this
deposits must use Form 720X to claim a credit or refund for
information in a timely manner, you may be subject to penalties and
nontaxable service if the collector has repaid the tax to the person
interest.
from whom the tax was collected, or obtained the consent of that
You are not required to provide the information requested on a form
person to the allowance of the credit or refund. The refund period is
that is subject to the Paperwork Reduction Act unless the form
for nontaxable service that was billed after February 28, 2003, and
displays a valid OMB control number. Books or records relating to a
before August 1, 2006. Collectors using the alternative method for
form or its instructions must be retained as long as their contents may
deposits must adjust their separate account. For more information,
become material in the administration of any Internal Revenue law.
see the Instructions for Form 720 and Notice 2006-50 (available on
Generally, tax returns and return information are confidential, as
page 1141 of Internal Revenue Bulletin 2006-25).
required by section 6103. However, section 6103 allows or requires
The above paragraph applies to nontaxable service billed to
the Internal Revenue Service to disclose or give the information shown
customers of the collector. All Form 720 taxpayers, including
on your tax return to others described in the Code. For example, we
collectors, must request a credit or refund on their 2006 federal
may disclose your tax information to the Department of Justice for
income tax return for nontaxable service paid by the taxpayer.
civil and criminal litigation, and to cities, states, and the District of
Columbia for use in administering their tax laws. We may also disclose
Column (a)
this information to other countries under a tax treaty, to federal and
state agencies to enforce federal nontax criminal laws, or to federal
Enter the quarter ending date of the Form 720 you are amending. If
law enforcement agencies and intelligence agencies to combat
you are amending more than one quarter, make sure each quarter is
terrorism.
clearly identified. Enter the date in the MMDDYYYY format. For
example, if you are adjusting the first quarter return for 2006, enter
The time needed to complete and file Form 720X will vary
“03312006.”
depending on individual circumstances. The estimated average time
is:
Column (d)
Recordkeeping
6 hr., 13 min.
Enter the tax amount for the IRS No. entered in column (b) as originally
Learning about the law or the form
18 min.
reported on Form 720 or as later adjusted by you or the IRS.
Preparing, copying, and sending
the form to the IRS
24 min.
Column (e)
If you have comments concerning the accuracy of these time
Enter the adjusted tax liability that should have been reported for the
estimates or suggestions for making Form 720X simpler, we would be
IRS No. in column (b).
happy to hear from you. You can write to the Internal Revenue
Service, Tax Products Coordinating Committee,
Column (f)
SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6406,
Washington, DC 20224. Do not send the tax form to this address.
If column (e) is greater than column (d), subtract column (d) from
Instead, see Where To File above.
column (e). This is an increase. If column (d) is greater than column (e),
subtract column (e) from column (d). This is a decrease. Show the
decrease in parentheses.
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