How to File PCORI Fees Online
- To begin the filing process, you need to first determine an approved system for completion of the IRS PCORI Form.
- Complete the Business Information and Policy Details section accurately to figure out the PCORI Fee that must be submitted with the Form.
- You need to verify that all covered lives are correctly represented on the Form and select the appropriate choice from the menu.
- Choose either EFW or EFTPS as your preferred secure method for payment of your PCORI Fee.
- Once you have completed your submission of the Form electronically and paid your PCORI Fee, retain proof of your PCORI Fee payment.
Introduction
Under the Affordable Care Act, filing PCORI Fees is a federal requirement for self-insured employers and insurance companies. One of the most significant challenges that all organizations encounter when beginning their filing of the IRS PCORI form is selecting an IRS authorized e-file solution and accurately completing the form without errors or delays.
This guide provides a comprehensive, step-by-step procedure to successfully file your PCORI fees and ensure that you comply with the law and do not incur additional penalties.
ALSO CHECK - How to avoid PCORI penalty
Why Is This Important?
The Patient-Centered Outcomes Research Institute (PCORI) was established to support research that facilitates informed healthcare decisions on behalf of patients. Annual PCORI Fees must be filed using PCORI IRS Form 720 by all insurers and self-insured plan sponsors. Failure to do so results in rejection of the IRS submission, penalty by the IRS for failure to file timely and delays in the IRS processing of submitted PCORI Fee Forms.
As filing complexity continues to increase, many organizations lack the capability of generating a paper submission to the IRS or using outdated filing methods. Therefore, the quickest and most efficient way to file your PCORI Fees is to file online through an IRS authorized electronic filing platform (i.e., IRS e-file).
Important Tips for Properly Filing PCORI Fees Online
- To accurately complete the IRS PCORI Form and reduce errors, use only an IRS-approved filing service.
- Inaccurate or missing business identification numbers (EIN), mailing addresses, or telephone numbers can lead to filing rejections; thus, keep these updated.
- Make sure you have selected a payment method that allows you to pay either via EFTPS or through direct debit.
- Maintain records of the confirmation receipt for each PCORI fee filing for recordkeeping purposes and as evidence of filing.
Categories
PCORI fee filers fall into 3 categories. Knowing which category you belong to can help you accurately complete the IRS PCORI Form.
Fully Insured Health Plans
- Who Files: The insurance carrier providing the employer-sponsored health plan.
- Advantages: Fees will be processed and submitted by the insurance carrier.
- Disadvantages: Filing responsibilities can be complex and must strictly follow PCORI fees IRS Form 720 rules.
Self-Insured Plans (Employer)
- Who Files: Employers who provide benefits through self-administered health plans.
- Advantages: Employers have full visibility into the PCORI fee filing and payment process.
- Disadvantages: To accurately file the PCORI fee, employers must calculate the number of covered lives correctly.
Multiple Employer Welfare Arrangements (MEWAs)
- Who Files: Groups of employers who provide benefit plans under one trust.
- Advantages: Shared administration of the MEWA.
- Disadvantages: File reporting for MEWAs can be complicated and must comply with IRS Form 720 PCORI fee requirements.
How We Can Help You With Filing Your PCORI Fee
eFile720 provides customers with the ease, accuracy and dependability that comes from filing online.
As an authorized IRS portal to submit PCORI Fees, our portal is IRS-authorized for PCORI fees IRS Form 720, equipped with automated calculations, secure payment integrations and guided workflows. We provide all the tools needed to submit your PCORI Fees accurately and securely.
ALSO CHECK - Mistakes to avoid while filing PCORI Fee(Manually)
The Following Items Are Included With eFile720:
Here is a step-by-step explanation of how to file PCORI Fees online. This simplifies what would otherwise be a complicated process to a single, straightforward process with easy-to-follow instructions.
Steps to Follow When Filing PCORI Fees Online Using eFile720
Step 2 - Provide Your Business Information: Complete the required details about your business, including your business name, employer identification number (EIN), type of business/entity, signing authority, phone number and address.
Step 3 - Provide Your Tax Information: Select the tax year, quarter and form type to begin the IRS' PCORI form filing process.
Step 4: PCORI & Policy Selection: Select the PCORI Option located in Part 2 of Form 720. You will need to enter both the type of policy and the number of covered lives under that policy so that the system can calculate for you your PCORI Fee.
Step 5: Payment to the IRS: You have two choices for making secure payment to the IRS - Electronic Funds Withdrawal (EFW) or Electronic Federal Tax Payment System (EFTPS).
Step 6: Apply Coupon Code & Finish Your Filing: Apply coupon code EF720PCORI for 20% off the processing fee and complete your filing.
Wrap-up
Your PCORI Fee filing will be a breeze if you use the right e-filing service. eFile720 simplifies the filing process, helps eliminate mistakes and provides you with full compliance with IRS requirements. Review our website for guidance on filing your PCORI Fees and to learn more about Form 720 filing requirements
Frequently Asked Questions
2. What form is used for reporting PCORI fees?
4. How do you determine how much PCORI Fee you owe?
5. What payment methods do you have to choose from?