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PCORI Checklist for Last Minute Filers (2024)
07-30-2024

PCORI Checklist for Last Minute Filers (2024)

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The Patient-Centered Outcomes Research Institute (PCORI) is an independent, non-profit organization dedicated to assisting patients and caregivers in making more informed health decisions through research.

When is PCORI Filing due?

The PCORI Fee is due July 31,2024 for plan and policy years that end on or after Oct 1,2023 and before Oct 1, 2024. The PCORI Fee is $3.22 per covered life.

Checklist For Filing PCORI:

          1.     Do you have proper EIN?

One of the key responsibilities for many new businesses or those undergoing restructuring is obtaining an Employer Identification Number (EIN) from the IRS. An EIN is a unique nine-digit number used to identify your business for tax purposes.

2.     Did you Provide Name and address correctly?

Providing your name and address correctly when filing your PCORI Fee is crucial. Any mistakes in these details can result in unwanted penalties.

3.     Is it the correct Tax Period and Quarter:

One of the most common mistakes people make is selecting the wrong tax period or quarter when filing. To avoid duplicate filings and potential issues, it is important to choose the correct tax period and quarter.

If you have any doubts about this selection, you can reach us. Our team can help you with PCORI Online filing.

4.     Have you selected your Plan / Policy Enrolled?

With numerous plans and policies available under PCORI, it's essential to be aware of the specific plan or policy you are enrolled in. Selecting the correct policy details will help avoid confusion with the tax amount and ensure accurate filing.

5.     Tax Amount Calculation

Before filing your PCORI Fee, it's important to review the details carefully. You can calculate the tax amount you need to pay yourself, which helps in preparing the funds in advance. To calculate the PCORI Fee, you need two key inputs:

·        Number of lives covered

·        PCORI Fee per covered life for the specific year

Having these two points will enable you to calculate your tax amount independently.

Refer our blog on How to calculate pcori fee for calculating it in prior.

6.     Do you have details for your payment?

If you opted for manual filing, ensure you have your payment slip on hand. For online filing, make sure you have your card details or any other required information to complete the payment online.

WRAP:

By reading the blog, you will gain a clear understanding of the needed for PCORI filing. File your PCORI fee today as it's due by tomorrow.


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