Agency Information Collection Activities; Submission for OMB Review; Comment Request; Quarterly Federal Excise Tax Return
Published Date: 1/30/2026
Notice
Summary
The Treasury Department is updating the forms businesses use to report and pay federal excise taxes on things like gasoline and aviation fuel. Over 200,000 companies will keep filing quarterly, but some form details and time estimates are changing. Comments on these updates are open until March 2, 2026, so now’s the time to speak up if you have thoughts!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Reporting Time Burden Increases Documented
The Treasury estimates each Form 720 response will take between 6 hours 54 minutes and 16 hours 10 minutes to complete, and the total annual paperwork burden is 3,105,408 hours. These time estimates affect how much staff time or paid help businesses must spend on excise tax reporting.
Quarterly Excise Filing Keeps Going
If your business pays federal excise taxes (for example on gasoline or aviation fuel), you will continue using Form 720 to report and pay those taxes. The Treasury estimates 206,700 businesses will use these forms, and the agency is asking for public comments by March 2, 2026.
Environmental & Floor-Stock Taxes Use Form 6627
Businesses must use Form 6627, filed with Form 720, to figure the environmental tax on petroleum and tax on ozone-depleting chemicals (ODCs), including floor stocks tax and certain imported products that used ODCs. Form 720-X is available to adjust liabilities reported on earlier Form 720 filings.
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