H&W: IRS Releases New Form 720

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The IRS has revised Form 720 and the instructions for reporting and paying the Patient Centered Outcomes Research Institute (PCORI) fee. The form and payment are due by July 31, 2014 for plan years that ended in 2013.

For fully insured plans, the insurer is responsible for this reporting (see the fully insured PCORI Fee compliance activity).  A self-funded plan sponsor is responsible for its own reporting (see the self-insured PCORI Fee compliance activity).  Part II of the instructions provide information for calculating covered lives and the fee owed.

Although Form 720 is a quarterly return, the instructions state that if Form 720 is filed only to report the PCORI fee, no filing is required in other quarters unless other fees or taxes have to be reported.

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