What is New in IRS Form 720?

What’s New

Sections 4375 and 4376 patient-centered outcomes research fee.   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. See Patient-centered outcomes research fee (IRS No. 133), later.

Expiration of credits.   Credits formerly shown on Form 720, Schedule C, for biodiesel or renewable diesel mixtures (line 13), and alternative fuels and alternative fuel mixtures (line 14, except for line 14d (liquefied hydrogen)), expired on December 31, 2013.

Transportation of persons by air (IRS No. 26).   For calendar year 2014, the tax on the amount paid for each domestic segment of taxable air transportation is $4.00.
Use of international air travel facilities (IRS No. 27).   For calendar year 2014, the tax on the amount paid for international flights is $17.50 per person for flights that begin or end in the United States.   The tax is $8.70 per person for domestic segments that begin or end in Alaska or Hawaii (applies only to departures). See Air Transportation Taxes, later.
Arrow shafts (IRS No. 106).   For calendar year 2014, the tax on arrow shafts continues to be $.48 per arrow shaft.
Refer IRS.gov for more information