PCORI Fee Reported in IRS Tax Form 720

The PCORI Fee is reported to the IRS using Tax Form 720 along the 2nd Quarter which is due now this July 31. (August 2, 2021 is the actual due date as July 31 falls on a weekend.)

Quarterly Federal Excise Tax Form 720 is used for reporting federal excise tax liabilities on certain products (gasoline and fuel) and services (tanning salon and PCORI). These are excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuels.

Patient-Centered Outcomes Research Trust Fund Fee (IRC 4375, 4376 and 4377)

New research trust fund (PCORI) fees are due July 31 from issuers of specified health insurance policies and the plan sponsors of applicable self-insured health plans. The fee is paid annually using Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter of Form 720 and reported to the IRS by July 31, 2021. This year the due date is August 2, 2021, the regular due date falls on a weekend.

10-Year Extension of Patient-Centered Outcomes Research Trust Fund Fee

The Further Consolidated Appropriations Act, 2020 (Pub. L. 116–94), signed into law on December 20, 2019, has extended the Patient-Centered Outcomes Research Trust Fund fee imposed by Internal Revenue Code sections 4375 and 4376 for 10 years. As a result of this extension, the Patient-Centered Outcomes Research Trust Fund fee will continue to be imposed through 2029.

IRS Tax Form 720 — Quarterly Federal Excise Tax reporting and eFiling

IRS tax form 720 is used to report and pay the quarterly federal excise taxes with the IRS. This PCORI Fee is also reported using the IRS Tax Form 720.