The IRS has published the new Form 720 with new lines to be used for reporting and paying the Patient Centered Outcomes Research fees (PCOR fees) for plans ending October 31, November 30 and December 31, 2012. PCOR fees for applicable self-insured health plans and specified health insurance policies ending on these dates are due by July 31, 2013. The current PCOR fee rate for these plans is $1 per covered life.
Filers must list list average number of covered lives under each plan and multiply that number by the $1 fee amount. The final regulations illustrate the various methods for calculating a plan’s average number of covered lives. Employers that do not file any other federal excise taxes using Form 720 need only to file by July 31, the close of the second quarter. Employers required to e other quarterly federal excise taxes are only required to file for PCOR fees at the close of the second quarter. Lines requiring PCOR fee information may be left blank for first, third and fourth quarterly filings.
The updated Form 720 may be found here. The portion of Form 720 applicable to PCOR fees may be found on page 2, Part II, Line 133. Please review the instructions for Form 720 prior to filing.
