Updated IRS Form 720 available for Health Plans to pay new ACA fee due July 31
From the desk of Larry Grudzien, Attorney at Law, is a very important update regarding IRS Form 720. This update was released on June 5, 2013.
With health plans or policies facing a July 31 due date to pay the first patient-centered outcomes research fees, the 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.
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