Retail Taxes

You must file Retail Excise Tax under IRS No. 33 if you sell: • Truck chassis and bodies. • Trailer and semitrailer chassis and bodies. • Tractors for highway transportation. The tax applies only to the first retail sale of these vehicles.

Before filing, prepare: • Business details (name, address, EIN). • Vehicle sales records for the quarter. • Sales price for each taxable vehicle. • GVW (Gross Vehicle Weight) determined by the manufacturer or seller based on chassis strength, axle capacity, and placement (excluding attachable components like tires).

When filing online, provide the following: Tax Date – date of the retail sale. Sales Price ($) – retail sales price of the taxable vehicle. Tax Amount ($) – the system will automatically calculate 12% of the sales price.

Exemptions may apply to non-highway vehicles, government sales, or qualified exports. If tax was collected on a non-taxable sale, request a credit/refund after repaying the buyer or obtaining their written consent. Adjust prior filings using Form 720-X if necessary.

Ensure all taxable vehicles for the quarter are listed. Double-check sales prices (the tax auto-calculates). Exempt and export sales should be properly excluded. Submit Form 720 electronically once reviewed.

Pay retail excise taxes through the integrated payment gateway. Save filings in progress and return later if needed. Keep copies of all filed returns and supporting records for at least three years. Access your past filings and payment history anytime.

Use the help icon for quick answers. See IRS Pub. 510 for full retail excise tax rules. Contact a tax professional for complex exchange or credit scenarios.