Instructions for Forms 720-TO and 720-CS (11/2007)

Purpose of Forms

Form 720-TO is an information return that is used by terminal operators to report their monthly receipts and disbursements of liquid products.

Reporting is required for inactive terminals.

Form 720-CS is an information return that is used by bulk carriers to report their monthly receipts and disbursements of liquid products.

A liquid product is any liquid that is transported into storage at a terminal or delivered out of a terminal. See the product code table on page 6.

When To File

Forms 720-TO and 720-CS must be filed monthly. The report is due the last day of the month following the month in which the transaction occurs.

If any due date for filing a return falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day.

Send your information return to the IRS using the U.S. Postal Service or a designated private delivery service to meet the “timely mailing as timely filing” rule. See Private Delivery Services below.

Where To File

Mail Forms 720-TO and 720-CS to the Department of the Treasury, Internal Revenue Service, Stop 5701G, Cincinnati, OH 45999. Send the forms to the IRS in a flat mailing (not folded). Do not staple, tear, or tape any of these forms. If you are sending a large number of forms, you may send them in conveniently sized packages. On each package, write your name and EIN and number the packages consecutively. Postal regulations require forms and packages to be sent by First-Class Mail.

How To Complete Forms 720-TO and 720-CS

Below are suggestions that will allow the IRS to process the submitted forms in the most economical manner:

If you need additional forms or schedules, you may use photocopies.
Although handwritten forms are acceptable, the IRS prefers that you type or machine print data entries using 10 pitch (pica) or 12 pitch (elite) black type. Use block print, not script characters. Insert data in the middle of the blocks not touching other printing and guidelines, and take other measures to guarantee a dark black, clear, sharp image.
Do not enter 0 (zero) or “None” in data entry boxes when no entry is required. Leave the boxes blank unless the instructions specifically require that you enter a 0 (zero).

Substitute Forms 720-TO and 720-CS

If you want to prepare and use a substitute Form 720-TO or 720-CS, see Pub. 1167, General Rules and Specifications for Substitute Forms and Schedules. If your substitute Form 720-TO or 720-CS is approved, the form approval number must be printed in the lower left margin of each substitute form you file with the IRS.

Extension of Time To File

You may request an extension of up to 30 days to file a return. Explain the cause of the delay fully and send your request to the Department of the Treasury, Internal Revenue Service, Stop 5701G, Cincinnati, OH 45999.

Corrected Returns

If you filed a return with the IRS and later discover you made an error, you must correct it as soon as possible. If you filed your return electronically, see Pub. 3536 for instructions.

When making a correction to a paper filed return, you must send in the first page of Form 720-TO or 720-CS and the schedule(s) that needs to be corrected with the “Void” box checked. Identify the transaction you are correcting, either by highlighting or attaching an explanation. Then, complete another first page of Form 720-TO or 720-CS along with the corrected schedule(s) with the “Corrected” box checked. On the corrected schedule(s), only enter the information for the transaction you are correcting.

Recordkeeping

Keep copies of information returns you have filed with the IRS or the data to reconstruct for at least 3 years from the date of the return. Your records must be available at all times for inspection by the IRS.

Penalty

Failure to file correct information returns by the due date. If you fail to file a correct information return by the due date and you cannot show reasonable cause, you may be subject to a penalty. The penalty applies if you fail to file timely, you fail to include all information required to be shown on a return, or you include incorrect information on a return. The penalty also applies if you report an incorrect employer identification number (EIN) or fail to report an EIN where required.

Private Delivery Services

You can use certain private delivery services designated by the IRS to meet the “timely mailing as timely filing” rule for information returns. These private delivery services include only the following:

DHL Express (DHL): DHL Same Day Service; DHL Next Day 10:30 am; DHL Next Day 12:00 pm; DHL Next Day 3:00 pm; and DHL 2nd Day Service.
Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2 Day, FedEx International Priority, and FedEx International First.
United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, and UPS Worldwide Express.

The private delivery service can tell you how to get written proof of the mailing date.

How To Get Tax Help

You can call the IRS toll free at 1-800-829-4933 for answers to your questions about completing Form 720-TO or Form 720-CS, excise tax information, or obtaining an employer identification number. You can get excise tax information on the IRS website at www.irs.gov/excise.

Contacting your Taxpayer Advocate. The Taxpayer Advocate Service is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should.

You can contact the Taxpayer Advocate Service by calling toll-free 1-877-777-4778 or TTY/TTD 1-800-829-4059 to see if you are eligible for assistance. You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service - Your Voice at the IRS. You can file Form 911, Application for Taxpayer Assistance Order, or ask an IRS employee to complete it on your behalf. For more information, go to www.irs.gov/advocate.

Internet. You can access the IRS website at www.irs.gov 24 hours a day, 7 days a week to:

Download forms, instructions, and publications.
Order IRS products online.
Research your tax questions online.
Search publications online by topic or keyword.
View Internal Revenue Bulletins (IRBs) published in the last few years.
Sign up to receive local and national tax news by email.
Get information on starting and operating a small business.

Phone. Many services are available by phone.

Ordering forms, instructions, and publications. Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. You should receive your order within 10 days.
Asking tax questions. Call the IRS with your tax questions at 1-800-829-1040.
Solving problems. You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Call your local Taxpayer Assistance Center for an appointment. To find the number, go to www.irs.gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service.
TTY/TDD equipment. If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications.

Mail. You can send your order for forms, instructions, and publications to the address below. You should receive a response within 10 business days after your request is received.

National Distribution Center
P.O. Box 8903
Bloomington, IL 61702-8903

CD for tax products. You can order Publication 1796, IRS Tax Products CD, and obtain:

A CD that is released twice so you have the latest products. The first release ships in January and the final release ships in March.
Current-year forms, instructions, and publications.
Prior-year forms, instructions, and publications.
Bonus: Historical Tax Products DVD - Ships with the final release.
Tax Map: an electronic research tool and finding aid.
Tax law frequently asked questions.
Tax Topics from the IRS telephone response system.
Fill-in, print, and save features for most tax forms.
Internal Revenue Bulletins.
Toll-free and email technical support.

Buy the CD from National Technical Information Service (NTIS) at www.irs.gov/cdorders for $35 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the CD for $35 (plus a $5 handling fee). Price is subject to change.

CD for small businesses. Publication 3207, The Small Business Resource Guide CD for 2007, is a must for every small business owner or any taxpayer about to start a business. This year's CD includes:

Helpful information, such as how to prepare a business plan, find financing for your business, and much more.
All the business tax forms, instructions, and publications needed to successfully manage a business.
Tax law changes for 2007.
Tax Map: an electronic research tool and finding aid.
Web links to various government agencies, business associations, and IRS organizations.
“Rate the Product” survey—your opportunity to suggest changes for future editions.
A site map of the CD to help you navigate the pages of the CD with ease.
An interactive “Teens in Biz” module that gives practical tips for teens about starting their own business, creating a business plan, and filing taxes.

An updated version of this CD is available each year in early April. You can get a free copy by calling 1-800-829-3676 or by visiting www.irs.gov/smallbiz.

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