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Symptoms Life Insurance Agency America, Inc. (SLIP) is a leading Japanese-owned employee benefits brokerage and consulting firm that was established in 1986 by Symptoms Life Insurance Company (Headquarters

How to fill out pcori fee aka cerf

How to fill out PCORI fee aka CERF:

1. Gather necessary information: Before filling out the PCORI fee (Patient-Centered Outcomes Research Institute fee), also known as CERF (Clinical Effectiveness Research Fee), you will need certain information. This includes the number of covered lives, which refers to the number of individuals enrolled in the applicable health plan for the relevant plan year. Additionally, obtain the plan year's end date and the information about the employer or plan sponsor.
2. Calculate the fee: The PCORI fee amount varies based on the plan year end date. For plan years ending before October 1, 2021, the fee is $2.66 per covered life. For plan years ending on or after October 1, 2021, and before October 1, 2022, the fee is $2.78 per covered life. Calculate the PCORI fee by multiplying the appropriate fee amount by the number of covered lives.
3. Complete Form 720: The PCORI fee is reported and paid through IRS Form 720, Quarterly Federal Excise Tax Return. Navigate to the form and locate Part II, where the PCORI fee information is reported. Provide the necessary details, including the filer's information, tax period, and the PCORI fee amount calculated in step 2.
4. Submit Form 720 and pay the fee: After completing all the required information on Form 720, submit it to the IRS. Ensure the form is accurate and signed. Pay the PCORI fee along with the completed form by the due date. Typically, the fee is due by July 31st of the calendar year immediately following the last day of the plan year.

Who needs PCORI fee aka CERF?

1. Employers offering self-insured health plans: If you are an employer who provides a self-insured health plan to your employees, you are responsible for paying the PCORI fee. This applies regardless of your organization's size or industry.
2. Health insurance issuers: Health insurance issuers, including insurance companies, are also required to pay the PCORI fee. They must calculate and report the fee separately for each applicable self-insured health plan or specified health insurance policy they offer.
3. Plan sponsors: Plan sponsors, which could be employers or organizations offering multiple employer welfare arrangements (MEWAs), are responsible for the PCORI fee if they maintain a self-insured health plan.

Please note that it's essential to consult a tax professional or refer to the official IRS guidelines for the most accurate and up-to-date information on filling out the PCORI fee aka CERF and determining your specific obligations.

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What is pcori fee aka cerf?

The PCORI fee, also known as the Patient-Centered Outcomes Research Institute fee (PCORI fee) or the Comparative Effectiveness Research Fee (CERF), is a fee imposed on health insurance issuers and plan sponsors of self-insured group health plans to help fund research on comparative clinical effectiveness.

Who is required to file pcori fee aka cerf?

Health insurance issuers and plan sponsors of self-insured group health plans are required to file the PCORI fee aka CERF.

How to fill out pcori fee aka cerf?

To fill out the PCORI fee aka CERF, health insurance issuers and plan sponsors of self-insured group health plans must use IRS Form 720 and follow the instructions provided.

What is the purpose of pcori fee aka cerf?

The purpose of the PCORI fee aka CERF is to fund research that evaluates and compares the health outcomes, clinical effectiveness, and appropriateness of different medical treatments and services.

What information must be reported on pcori fee aka cerf?

The information reported on the PCORI fee aka CERF includes the average number of covered lives under the plan, the appropriate fee amount based on the plan year end date, and other required details.

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