The University currently files form 720, federal excise tax return, on a quarterly basis. The return is filed to report excise tax on foreign insurance premiums, telecommunication charges, and Patient-Centered Outcomes Research Institute Fee (PCORI).
A premium on foreign insurances policies such as medical malpractice is subject to excise tax.
Local or Pay Phone Service
Local telephone services and the rental of equipment for local service are subject to Federal Excise Tax.
Patients-Centered Outcomes Research Institute Fee (PCORI)
The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. This fee is submitted on form 720.
See also IRS Instructions for Form 720.