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Tax Central Alert: File Form 720 by July 31 if you offer self-insured health plans, certain FSAs or HRAs

If your business maintains a self-insured health plan or certain types of a flexible spending account or health reimbursement arrangement, you are required to pay a fee based on the average number of lives covered during the plan year. These fees are reportable annually on Form 720, which is due by July 31 in the calendar year after the plan year-end.