Is Form 720 still required for Excise Tax/PCORI filing?

When it comes to excise tax or PCORI (Patient-Centered Outcomes Research Institute) filings, the IRS mandates the use of Form 720 (Quarterly Federal Excise Tax Return). This form is traditionally filled out manually, with each required field completed before being mailed to the IRS. 

However, this conventional method of filing has become outdated and cumbersome, prompting the IRS to recommend an online approach for excise tax submissions. Switching to online filing offers a range of advantages, making it a more efficient, accurate, and reliable alternative to manual submission. 

Below, we’ll explore the top reasons why you should consider moving to an online filing method over the traditional manual process.

1. Efficiency and Cost Savings
Manual filing takes time and resources, requiring you to gather information, complete fields, and ensure accuracy before mailing. Online filing automates this process, saving time and money by eliminating printing, postage, and manual handling.

2. Faster Processing
Manual submissions face postal and verification delays. Online filing ensures immediate submission and faster processing, with real-time confirmation of successful transmission.

3. Increased Accuracy
Manual entry increases error risks, leading to potential rejections or penalties. Online systems include validation checks to flag errors and ensure compliance.

4. Reduced Risk of Errors
Paper-based filing is prone to mistakes like missed fields or miscalculations. Online platforms guide users’ step by step, reducing errors and improving accuracy.

5. Easy Retrieval of Data
Accessing past records manually is time-consuming. Online platforms store previous submissions, making it easy to retrieve and review data when needed.

6. Guidance Through Dedicated Customer Support
Online filing platforms offer expert customer support to resolve queries, troubleshoot issues, and provide filing assistance, ensuring a smooth experience.

7. Instant Acknowledgement and Confirmation
Manual filing leaves uncertainty about IRS receipt and processing. Online filing provides instant confirmation, giving you peace of mind.

WRAP

Form 720 is still required for excise tax filings. By choosing an online excise tax platform like Simple720, you can make your filing process seamless.