form 720

[zymxhjjtm197227]

Hi I pay foreign life insurance premium annually, but need to file form 720 quarterly, do I just divide annual premium by 4 to file quarterly? thanks

[pk]

@zymxhjjtm197227 , please enlighten me here -- I am lost .  What has the federal excise tax form 720 got to do with  paying foreign  insurance premium -- I must be missing something here .  Please can you explain what you are asking about ?

[zymxhjjtm197227]

I need to file 720 because I pay foreign life insurance premium. but the premium is annually paid but form720 is quarterly file, so I don't know how to do it. 

[Critter-3]

I agree ... the form 720 is to pay the excise taxes you collected ... https://www.irs.gov/instructions/i720

You must file Form 720 if:

• You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter and you haven’t filed a final return; or

• You are liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for the current quarter.

[zymxhjjtm197227]

Hi Critter 3, 

yes. but I pay premium annually, how to file form 720 quarterly? do I just divide premium by 4 to get quarterly?

[Carl]

What do life insurance premiums that you pay, have to do with any excise tax that you collect? Do you even collect taxes of any kind in any way, shape, form or fashion? If you do not collect any tax monies, then why do you need to file IRS Form 720? IRS Form 720 has nothing what-so-ever to do with life insurance.

[Carl]

Hey @Critter-3 Just ran across something at https://www.goldinglawyers.com/u-s-taxation-of-foreign-life-insurance-policies-fundamental-of-u-s-ta... related to foreign life insurance and the form 720. I note it says one "MAY" be required to report on the 720. Hopefully, you can make more sense of it than I can and get a definitive response for this thread.