Instructions for Form 720 - Notices
This is archived information that pertains only to the 2006 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Privacy Act and Paperwork Reduction Act Notice.
We ask for the information on these forms in order to carry out the Internal Revenue laws of the United States. We need it
to figure and collect
the right amount of tax. Miscellaneous excise taxes are imposed under Subtitle D of the Internal Revenue Code. These forms
are used to determine the
amount of tax that you owe. Section 6011 requires you to provide the requested information. Section 6109 requires you to provide
your TIN. Routine
uses of this information include giving it to the Department of Justice for civil and criminal litigation, and cities, states,
and the District of
Columbia for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty,
to federal and state
agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.
If you fail to provide
this information in a timely manner, you may be liable for penalties and interest.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless
the form displays a valid
OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may
become material in the
administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by
section 6103.
The time needed to complete and file these forms and related schedules will vary depending on individual circumstances. The
estimated average times
are:
Form
|
|
Recordkeeping
|
Learning about
the law or
the form
|
Preparing and
sending the
form to the IRS
|
720
|
|
22 hr., 58 min.
|
1 hr., 43 min.
|
|
5 hr., 46 min.
|
720-V
|
|
1 hr., 11 min.
|
— —
|
|
1 min.
|
Sch. A
|
|
3 hr., 49 min.
|
— —
|
|
3 min.
|
Sch. T
|
|
2 hr., 23 min.
|
— —
|
|
2 min.
|
Sch. C
|
|
34 hr., 55 min.
|
42 min.
|
|
1hr., 18 min.
|
720X
|
|
6 hr., 13 min.
|
18 min.
|
|
24 min.
|
6197
|
|
4 hr., 18 min.
|
12 min.
|
|
16 min.
|
6627
|
|
9 hr., 3 min.
|
6 min.
|
|
14 min.
|
If you have comments concerning the accuracy of these time estimates or suggestions for making these forms and related schedules
simpler, we would
be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee, SE:W:CAR:MP:T:T:SP,
1111 Constitution
Ave. NW, IR-6406, Washington, DC 20224. Do not send the tax forms to this office. Instead, see Where To File on page 1.