Updated IRS Form 720 available for Health Plans to Pay new ACA fee due July 31

June 5, 2013

With health plans or policies facing a July 31 due date to pay the first patient-centered outcomes research fees, IRS has issued a revised Form 720 and instructions. Filers will enter covered lives subject to the $1 fee for the 2012 plan or policy year in Part II of Form 720 (line 133) to calculate the amount owed. Though Form 720 is used for quarterly excise taxes, filers should only complete line 133 when remitting the annual fee due July 31. Under the Affordable Care Act, the new fee applies to each plan or policy year that ends on or after Oct. 1, 2012, and before Oct. 1, 2019.

http://www.irs.gov/pub/irs-pdf/i720.pdf

http://www.irs.gov/uac/Form-720,-Quarterly-Federal-Excise-Tax-Return

larry@larrygrudzien.com

Thank-You,

Larry Grudzien

Attorney-At-Law

 

 

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One thought on “Updated IRS Form 720 available for Health Plans to Pay new ACA fee due July 31

  1. Michael

    Larry-

    I have received mixed feedback from HRA vendors (integrated, unfunded HRAs) regarding whether or not a PCOR fee is due on both the underlying major medical plan AND the HRA, whether administered through a TPA or self-administered.

    Thoughts?

    Reply

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