IRS updates form 720

The IRS has updated the excise form 720 that self-funded companies need to use to pay their PCORI fees.  The fees are due by 7/31/14. The update allows those companies with an 11/1, 12/1 or 1/1 effective date to pay the $2 per member fee based on their second PCORI fee payment. All others who are paying the fee for the first time would still pay $1 per member. The previous version of the form only showed the option of multiplying by $1.

To review the Scott Benefit Services legislative brief on the PCORI fees please follow this link.  For a copy of the updated form and instructions please see below.

 

 

Link to a copy of Form 720:

 
http://www.irs.gov/pub/irs-pdf/f720.pdf

 

Link to instructions to Form 720:

http://www.irs.gov/instructions/i720/ch01.html