The Federal Excise Tax returns for the 2nd Quarter of 2020 is now due and July 31 is the due date to report and pay the taxes with the IRS. Electronic filing is the best way to prepare your excise tax returns and to report it with the IRS. Electronic filing guarantees safe and secure filing, fast and quick processing, economic and simple pricing. You never miss out anything that is needed to complete your return and the IRS would be able to process it immediately. PCORI Fee that is reported in the Federal Excise Tax Form 720 along with the 2nd Quarter Returns is due now. July 31, 2020 is the due date and it can be reported and paid online using TaxExcise.com.
PCORI Fee – July 31 – Due Date
The Patient-Centered Outcomes Research Trust Fund fee is a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans that helps to fund the Patient-Centered Outcomes Research Institute (PCORI). The institute will assist, through research, patients, clinicians, purchasers and policy-makers, in making informed health decisions by advancing the quality and relevance of evidence-based medicine. The institute will compile and distribute comparative clinical effectiveness research findings.
The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter. Issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans will file annually Form 720, Quarterly Federal Excise Tax Return, to report and pay the PCORI fee. The Form 720 will be due on July 31 of the year following the last day of the policy year or plan year.
10-Year Extension of Patient-Centered Outcomes Research Trust Fund Fee
The Further Consolidated Appropriations Act, 2020 (Pub. L. 116-94), signed into law on December 20, 2019, has extended the Patient-Centered Outcomes Research Trust Fund fee imposed by Internal Revenue Code sections 4375 and 4376 for 10 years. As a result of this extension, the Patient-Centered Outcomes Research Trust Fund fee will continue to be imposed through 2029.
Reporting and Paying the Fee
File the second quarter Form 720 annually to report and pay the fee no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Issuers and plan sponsors who are required to pay the fee but are not required to report any other liabilities on a Form 720 will be required to file a Form 720 only once a year. They will not be required to file a Form 720 for the first, third or fourth quarters of the year. Deposits are not required for this fee, so issuers and plans sponsors are not required to pay the fee using EFTPS.
The payment can be paid through the Electronic Federal Tax Payment System too. TaxExcise.com is an IRS authorized eFile service provider and help you to complete this PCORI Fee electronically. Talk to us today at (866) 245 – 3918 or write to us at firstname.lastname@example.org.