Can I file Form 720 Without Form 720 V
The comparison between Form 720 vs Form 720-V matters only for paper filing, because the voucher is mandatory when submitting returns by mail with a payment attached.
Businesses using IRS Form 720 e-file are not required to complete or submit Form 720-V, as electronic systems transmit payment details automatically.
Manual filers must include Form 720-V with Form 720 to ensure the IRS correctly applies the payment to the right tax period.
Electronic filing removes paperwork, mailing delays, and processing risks, making it the preferred method for most taxpayers.
Choosing a dedicated IRS-authorized portal simplifies compliance, improves accuracy, and provides faster confirmation.
Introduction
Understanding Federal Excise Tax filing requirements ensures compliance with the IRS. One of the most commonly asked questions by business owners is whether or not you must send in your payments along with your Form 720.
When determining this answer, the way you plan on submitting Form 720 is the determining factor. Learn below about the difference between submitting Form 720 with a payment and submitting without one and which would be the best overall filing method available today.
ALSO CHECK - Can Form 720 be Filed Annually ?
What Is Form 720?
Form 720 is formally referred to as the Quarterly Federal Excise Tax Return. Each quarter, Form 720 is submitted to report and pay federal excise taxes on certain products (goods), services and activities. These excise taxes typically apply to the following types of businesses: Fuel, Aviation, Manufacturing, Communications and Heavy Transportation.
Each time businesses are required to submit a Form 720, the tax liabilities for federally regulated products and services must be calculated for that quarter. Failure to submit Form 720 within the required time limit will result in penalties, interest and/or being subject to enforcement actions.
What Is Form 720-V?
Form 720-V is a payment voucher used only when a taxpayer chooses to file Form 720 by mail. It appears on the final page of the paper return and ensures that the IRS can correctly process and apply the enclosed payment.
The voucher includes essential details such as:
Employer Identification Number (EIN)
Tax period (quarter and year)
Payment amount
Business name and address
Without this voucher, mailed payments may be delayed, misapplied, or rejected.
Understanding the Difference Between Form 720 vs Form 720-V
There is a clear distinction between Form 720 vs Form 720-V; however, this can create confusion. Form 720 is used to report excise taxes owed to the IRS on a federal tax return, while Form 720-V is not an actual tax return but simply a payment transmittal form when filing by mail.
When submitting Form 720 by mail with a check or money order, you must use Form 720-V in order to provide a way for the IRS to identify who the payment came from.
Can You File Form 720 Without Form 720-V?
In the case of electronic filing, since the IRS receives both your payment and identification information electronically, there is no need to submit a voucher because everything will be processed together.
Because of this reason, businesses that file electronically do not have to attach Form 720-V to their submissions. Electronic filing allows taxpayers to submit their returns and payments in one step, thus removing the need for physical vouchers.
Therefore, many taxpayers prefer submitting digitally when considering the pros and cons of Forms 720 and 720-V.
Why Online Filing Is the Smarter Option
Electronic filing has become the preferred compliance method for excise taxpayers due to its efficiency and reliability. When you use IRS Form 720 e-file, the entire process is streamlined.
Key advantages include:
Faster IRS processing and acknowledgment
Built-in error checks that reduce rejections
Secure electronic payment transmission
Immediate confirmation of submission
No printing, mailing, or voucher handling
By removing Form 720-V from the process, online filing reduces administrative burden and compliance risk.
Why Choose eFile720 for Form 720 Filing?
eFile720 is an authorized IRS Application that supports excise tax reporting and simplifies the quarterly filing process to comply with IRS guidelines.
The IRS Form 720 E-File will automatically collect all of the necessary taxpayer and payment information. There is no need for Form 720-V or the paper voucher when using this system. The guided workflows help ensure that the information provided is correct; in addition, businesses will receive their returns much quicker, which keeps them compliant without any delays.
Taxpayers, especially those who have recurring excise tax obligations for multiple quarters, will benefit from this process.
ALSO CHECK - Form 720 Due Date | eFile720
Final Thoughts
When determining the filings that must be completed on Form 720 versus those that must be submitted on Form 720-V, it is essential to understand the requirements for each platform. If you file your taxes by paper, you must still attach a voucher, thus making the traditional paper filing method slower and less secure, as well as requiring more paperwork to submit.
FAQs
1. What is the main difference between Form 720 vs Form 720-V?
Form 720 reports excise taxes, while Form 720-V is only a payment voucher used for mailed returns.
2. Can I avoid Form 720-V by filing electronically?
Yes. When using IRS Form 720 e-file, the voucher is not required.
3. Is Form 720-V a separate filing document?
No. It is only attached to paper-filed Form 720 returns that include a payment.
4. Does online filing reduce IRS processing delays?
Yes. Electronic filing significantly speeds up IRS processing and confirmation.
5. Is eFile720 compliant with IRS regulations?
Yes. It is an IRS-authorized portal designed specifically for Form 720 electronic filing.