For the latest information about developments related to Form 720 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form720.
One-time claims under sections 6426 and 6427 for 2014. Credits formerly shown on Form 720, Schedule C, for biodiesel or renewable diesel mixtures, and alternative fuels and alternative fuel mixtures were extended until December 31, 2014. However, you cannot claim them on Form 720. See Notice 2015-3 for information on how to make one-time claims under sections 6426 and 6427 for 2014.
Transportation of persons by air (IRS No. 26). For calendar year 2014, the tax on the amount paid for each domestic segment of taxable air transportation is $4.00.
Use of international air travel facilities (IRS No. 27). For calendar year 2014, the tax on the amount paid for international flights is $17.50 per person for flights that begin or end in the United States. The tax is $8.70 per person for domestic segments that begin or end in Alaska or Hawaii (applies only to departures). See Air Transportation Taxes, later.
Sections 4375 and 4376 patient-centered outcomes research fee. The fee for policy and plan years ending on or after October 1, 2013, but before October 1, 2014, is the applicable rate of $2.00, multiplied by the average number of lives covered under the policy or plan. The applicable rate for policy and plan years ending on or after October 1, 2014, will be included in future revisions. For updated information, see Future Developments above. The fee for policy and plan years ending before October 1, 2013, remains at the applicable rate of $1.00, multiplied by the average number of lives covered under the policy or plan. See Patient-centered outcomes research fee (IRS No. 133), later.
Medical device excise tax. A 2.3% (.023) excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device applies to sales of taxable medical devices after December 31, 2012. See Taxable medical devices (IRS No. 136), later.
Exported gasoline blendstocks. Claims for exported gasoline blendstocks taxed at $.001 per gallon are made on Schedule C, line 15b. Continue to use line 1b to make claims for exported gasoline blendstocks taxed at $.184 per gallon.
Electronic filing. You can electronically file Form 720 through any electronic return originator (ERO), transmitter, and/or intermediate service provider (ISP) participating in the IRS e-file program for excise taxes. For more information on e-file, visit the IRS website at www.irs.gov/efile.
Federal tax deposits must be made by electronic funds transfer. You must use electronic funds transfer to make all federal tax deposits (such as deposits of employment tax, excise tax, and corporate income tax). Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. EFTPS is a free service provided by the Department of Treasury. To get more information about EFTPS or to enroll in EFTPS, visit www.eftps.gov or call 1-800-555-4477. Also see Publication 966, Electronic Federal Tax Payment System, A Guide to Getting Started.
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