IRS Releases New Version of Form 720 for Certain Health Plans to Report and Pay PPACA Imposed Fee

The Internal Revenue Service (the ?Ç£IRS?Ç¥) recently posted a revised version of Form 720 that applicable self-insured health plans should use to report and remit the Patient-Centered Outcomes Research Institute (?Ç£PCORI?Ç¥) fee due under the Patient Protection and Affordable Care Act (?Ç£PPACA?Ç¥).?á The PCORI fee is intended to partially fund the PCORI, which was created under PPACA, and is due for each plan year ending on or after October 1, 2012 and before October 1, 2019.?á Although Form 720 is designed for quarterly payments of certain excise taxes, the PCORI fee is reported and paid annually, no later than by July 31 of the calendar year immediately following the last day of the plan year to which the fee applies.?á Consequently, the first round of PCORI fees for many health plans will be due by July 31, 2013.?á Generally, the PCORI fee is equal to $1.00 multiplied by the average number of covered lives in the health plan, must be paid by the plan sponsor, and generally cannot be paid from plan assets.?á The revised Form 720 can be found here.?á Instructions for the revised Form 720 can be found here.