Home › Dedicated Tax Software Form 720 PCORI
IRS Form 720, Quarterly Excise Tax Return, is used to report liability and pay excise taxes, which are levied on specific goods, services, or activities.
Form 720 is used to report a variety of excise taxes. This includes the following:
Those who are liable for, or responsible for collecting, any taxes listed on Form 720 for a prior or current quarter and haven’t yet filed a return.
Filers can submit their Form 720 electronically or through mail.
A return must be filed for each quarter of the calendar year. The due dates are as follows:
Quarter covered | Due by |
---|---|
Jan., Feb., Mar. | April 30 |
Apr., May, June | July 31 |
July, Aug., Sept. | October 31 |
Oct., Nov., Dec. | January 31 |
However, if one of the due dates falls on a weekend or legal holiday, then the due date is the next business day.
PCOR fees, or Patient-Centered Outcomes Research Institute fees, are fees imposed on health insurers and/or plan sponsors of self-insured plans to help fund the Patient-Centered Outcomes Research Institute (PCORI).
This fee is calculated based on the number of covered lives under the policy/plan and is paid using IRS Form 720 each year.
The Patient-Centered Outcomes Research Institute (PCORI) is a nonprofit organization in the US established under the Affordable Care Act (ACA). Its main goal is to fund research that can help patients, caregivers, and healthcare providers make informed health decisions by providing them with reliable high-quality evidence on how to best prevent, diagnose, treat, and manage diseases.
PCORI fees are paid by insurers of health insurance policies and sponsors of certain self-insured and level-funded health plans.
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BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.