Quarterly Federal Excise Tax Form 720 is used for reporting federal excise tax liabilities on certain products (gasoline and fuel) and services (tanning salon and PCORI). These are excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuels. E-file is the fastest way, you could try for free and experience the difference. Form 720 repored every quarter would cost you $49.99 on single category. No other charges or no hidden charges, we won't ask for your card details upfront.