PCORI fees are due by July 31 of every year. Missing the
deadline incurs a PCORI
penalty. Here are 2 popular ways to file the PCORI fees:
1. File PCORI Fee Manually
2. Filing PCORI Online
Let’s
elaborate on both methods.
Steps to File Your PCORI Fees Manually:
1. Download IRS Form 720 from the IRS site.
2. Fill in your business details.
3. Skip Part I and move to Part II.
4. Select PCORI and enter the relevant details in IRS No: 133 in Part II.
5. Mention the number of lives covered. Calculate the fee: Number of lives x Applicable rate (For 2024, it is $3.22).
6. Sum up the total in Part II.
7. Move to Part III and fill in the due details in No. 10.
8. Fill out the payment voucher Form 720-V, and send it to the IRS.
Check out the Form 720 mailing address blog for the address.
Manual filings are always complex. You need to invest a lot of time and energy in calculations, mailing, and other tasks. The IRS recommends online filing over manual filings. Switch to online PCORI filings for convenience.
Steps to E-file PCORI Fee Online:
1. Visit www.simple720.com and create your free account.
2. Add your business details.
3. Select PCORI from the left panel.
4. Enter the number of lives covered and the pertaining period. Our dashboard will calculate the PCORI fee based on the latest IRS regulations.
5. Pay a small service fee along with your tax amount and complete the payment.
Your PCORI
fee filing is completed.
The Wrap:
While there are two methods, most businesses have recently migrated to online PCORI filing for
convenience and quick turnaround time.