What is new in Form 720?

IRS tax Form 720 is used to prepare and report Quarterly Federal Excise Taxes. IRS has recently brought in some new changes to the Form 720 and released a new PDF on April 2013, for the 2nd Quarter Filings.

Patient-centered outcomes research fee. The Affordable Care Act (Public Law 111-148, amended by Public Law 111-152), imposes fees on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) to help fund the Patient-Centered Outcomes Research Institute. The fees, required to be reported annually on the 2nd quarter Form 720 and paid by its due date, July 31st, are based on the average number of lives covered under the policy or plan. The fees apply to policy or plan years ending on or after October 1, 2012, and before October 1, 2019.
Transportation of persons by air (IRS No. 26).   For calendar year 2013, the tax on the amount paid for each domestic segment of taxable air transportation is $3.90.
Use of international air travel facilities (IRS No. 27).   For calendar year 2013, the tax on the amount paid for international flights is $17.20 per person for flights that begin or end in the United States.  The tax is $8.60 per person for domestic segments that begin or end in Alaska or Hawaii (applies only to departures).
Arrow shafts (IRS No. 106).   For calendar year 2013 the tax on arrow shafts is $.48 per arrow shaft.
Excise Taxes can be prepared and reported online at www.TaxExcise.com the IRS certified efile provider for all the excise tax forms. Call us at (866) 245 – 3918 for any updates and support.