Issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans will file annually Form 720, Quarterly Federal Excise Tax Return, to report and pay the PCORI fee. The Form 720 will be due on July 31 of the year following the last day of the policy year or plan year.

IRS Form 720, the Quarterly Federal Excise Tax Return, is a tax form for businesses that sell goods or services subject to excise tax to report and pay those taxes. IRS Form 720 consists of three parts, as well as Schedule A, Schedule T and Schedule C sections and a payment voucher (called Form 720-V).

For returns due between 01/01/2020 and 12/31/2022, the minimum penalty is the lesser of $435 or 100% of the tax due. For returns due after 12/31/2022, the minimum penalty is $450 or 100% of the tax due (the $450 penalty amount is subject to annual inflation adjustments).

To file your final Quarterly Excise Tax Return (Form 720) For tax forms, call 1-800-TAX-FORM (1-800-829-3676). >

Who files Form 720? Whether you are a manufacturer, retailer, airline or any other business that deals in goods for which excise taxes are due, you have a responsibility to file a Quarterly Federal Excise Tax Return on Form 720 up to four times per year, depending on the circumstances.

Purpose of Form Use Form 720 and attachments to report your liability by IRS No. and pay the excise taxes listed on the form. If you report a liability on Part I or Part II, you may be eligible to use Schedule C to claim a credit.