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PC ORI Fee Due July 31; IRS Updates Form 720 June 2013 Without much fanfare, the Internal Revenue Service (IRS) published the long-awaited update to Form 720 on June 3, 2013. Plan sponsors of applicable

How to fill out pcori fee due july

How to fill out PCORI fee due July:

1. Determine if you are a self-insured plan sponsor: The PCORI (Patient-Centered Outcomes Research Institute) fee is applicable to self-insured health plans. If you offer a self-insured plan, then you need to fill out the PCORI fee due in July.
2. Gather necessary information: To fill out the PCORI fee, you will need specific details about your self-insured plan. This includes the covered lives count, which indicates the total number of participants in the plan.
3. Calculate the fee amount: The PCORI fee is calculated by multiplying the average covered lives count by the applicable rate. The applicable rate changes each year, so it is essential to check the IRS guidelines for the specific rate. Multiply the covered lives count by the rate to determine the fee amount.
4. Complete Form 720: The PCORI fee is reported using Form 720, which is the quarterly federal excise tax return. You will need to fill out Part II of the form and include the necessary information about your self-insured plan, such as the plan name and EIN. Indicate the fee amount calculated earlier on line 133.
5. Pay the fee by the deadline: The PCORI fee is due by July 31st of each year. Ensure that you submit Form 720 with the calculated fee amount before the deadline. It is important to note that there are penalties for late or incomplete filings.

Who needs PCORI fee due July:

1. Employers with self-insured health plans: If you are an employer or plan sponsor offering a self-insured health plan, you need to pay the PCORI fee. This fee helps fund research on the effectiveness of medical treatments and healthcare interventions.
2. Health insurance issuers: Health insurance issuers are also required to pay the PCORI fee. This includes insurance companies providing individual or group health coverage.
3. Governmental entities: Certain governmental entities that establish or maintain health plans may also be subject to the PCORI fee. It is advisable to consult IRS guidelines or seek professional guidance to determine if your specific governmental entity is liable for the fee.

Remember to consult the IRS instructions and guidelines for the most accurate and up-to-date information regarding the PCORI fee and its filing requirements.

For pdfFiller’s FAQs

What is pcori fee due july?

The PCORI fee due in July is the Patient-Centered Outcomes Research Institute fee that certain health insurance policies and self-insured health plans must pay.

Who is required to file pcori fee due july?

Employers sponsoring self-insured health plans or health insurance issuers are required to file the PCORI fee due in July.

How to fill out pcori fee due july?

The PCORI fee due in July can be filled out using Form 720 and submitting it to the IRS.

What is the purpose of pcori fee due july?

The purpose of the PCORI fee due in July is to fund research that helps patients, caregivers, and clinicians make better-informed health decisions.

What information must be reported on pcori fee due july?

The PCORI fee due in July requires reporting the average number of lives covered under the plan or policy.

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