It’s July, Federal Excise Tax returns for 2nd Quarter falls DUE. Report your 2nd Quarter Excise Taxes in Form 720 electronically with IRS through http://TaxExcise.com. The only IRS authorized e-file service provider for all Federal Excise Tax returns.
July 31. is the last date to report your PCORI (Patient-Centered Outreach Research Institute Fee) along with Form 720 with the IRS. This PCORI fee is imposed on an issuer of a specified health insurance policy and a plan sponsor of an applicable self-insured health plan. The fee applies to policy or plan years ending on or after Oct. 1, 2012, and before Oct. 1, 2019.
Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year.
- Actual Count Method: A plan sponsor may determine the average number of lives covered under a plan for a plan year by adding the totals of lives covered for each day of the play year and dividing that total by the total number of days in the plan year.
- Snapshot Method: A plan sponsor may determine the average number of lives covered under an applicable self-insured health plan for a plan year based on the total number of lives covered on one date (or more dates if an equal number of dates is used in each quarter) during the first, second or third month of each quarter, and dividing that total by the number of dates on which a count was made.
- Form 5500 Method: An eligible plan sponsor may determine the average number of lives covered under a plan for a plan year based on the number of participants reported on the Form 5500, Annual Return/Report of Employee Benefit Plan, or the Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan.