The Federal Excise taxes are reported by end of every quarter using the Form 720 – Federal Excise Tax Form. Electronic filing is also available to prepare and report 720 taxes through http://www.TaxExcise.com
Federal Excise Tax:
Tax Year 2014, 2nd Quarter ending June is due by July 31st and you don’t have much time left to start with your tax return. TaxExcise.com makes this simple, easy and quick for you to prepare and report the Excise Taxes online.
Who must File Form 720?
You must file Form 720 if:
- You were liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for a prior quarter and you have not filed a final return; or
- You are liable for, or responsible for collecting, any of the federal excise taxes listed on Form 720, Parts I and II, for the current quarter.
patient-centered outcomes research fee:
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 for policy and plan years ending on or after October 1, 2013, is $2.00, multiplied by the average number of lives covered under the policy or plan. The fee for policy and plan years ending before October 1, 2013, remains at $1.00, multiplied by the average number of lives covered under the policy or plan.
More FAQ’s at IRS.gov