Category Archives: Electronic filing of Form 720

Electronic filing of Form 720, Federal Excise Tax Electronic Filing, Form 720 Quarterly Excise Tax Efile, PCOI fee online, Tax Excise Users Alert

Patient-Centered Outcomes Research Trust Fund Fee

The Patient-Centered Outcomes Research Trust Fund fee is a fee on taxexciseissuers 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 Affordable Care Act added a patient-centered outcomes research (PCOR) fee on health plans to support clinical effectiveness research. The PCOR fee applies to plan years ending on or after Oct. 1, 2012, and before Oct. 1, 2019. The PCOR fee is due by July 31 of the calendar year following the close of the plan year. For plan years ending in 2015, the fee is due by July 31, 2016.  Continue reading Patient-Centered Outcomes Research Trust Fund Fee →

Electronic filing of Form 720

Form 720, Quarterly Excise Tax Return for 4th Quarter of 2015 is due NOW!

Form 720 is a quarterly excise tax return that some; businesses must file with the Internal Revenue Service. According to the IRS, “Excise taxes are taxes paid when purchases are made on a specific goods, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.” If you accrue excise taxes in the course of doing business, you should know the rules on filing 720 taxes. Continue reading Form 720, Quarterly Excise Tax Return for 4th Quarter of 2015 is due NOW! →

Electronic filing of Form 720

NOW E-FILE AND PAY INDOOR TANNING SERVICES EXCISE TAX WITH ANDROID APP

Many businesses offering indoor tanning services are required to collect a 10 percent excise tax on the indoor tanning services they provide. The provider must pay the excise tax to the government, quarterly, along with IRS Form 720, Quarterly Federal Excise Tax Return. The following information is designed to help indoor tanning services providers understand how to collect, file and pay the tax.

On July 1, 2010, the U.S. government instituted a new excise tax that applied only to establishments that provide indoor tanning. This additional charge, called the Indoor Tanning Services Excise Tax, is a part of the Affordable Care Act, especially to discourage the practice of indoor tanning, which has been shown to pose substantial health risks. Continue reading NOW E-FILE AND PAY INDOOR TANNING SERVICES EXCISE TAX WITH ANDROID APP →