What are PCORI Fees?
PCORI stands
for the Patient-Centered Outcomes Research Institute. It is an independent,
non-profit research organization established to help address the challenges
clinicians and their patients face in getting answers to daily healthcare
questions and making better health-related decisions.
The PCORI
fee is calculated based on the average number of lives covered under a
specified health insurance policy or plan.
Common Mistakes to Avoid When Filing the PCORI Fee
1. Providing Incorrect Basic Details
A common mistake is entering the wrong EIN number, incorrect business name, or address.
2. Incorrect Period
When selecting the quarter under the Tax Year field, choose April-June. And, provide a proper tax year as the PCORI fee varies from year to year.
3. Selecting Inappropriate Policies or Plans
Ensure the correct policies or plans are selected for calculating the PCORI fee.
4. Wrong Calculation
When the number of lives covered is
large, there is always a chance of incorrect calculation. When you choose our PCORI Submission
Portal, our dashboard calculates the tax to be paid in real-time.
5. Acknowledgment is Always Mandatory
Unsigned forms are invalid and will not be approved by the IRS. Do not forget to sign and date your forms.
6. Incorrect Fee:
As the PCORI fee varies from October 1st to September 30th period, it is important to refer to the correct fee for the specific year. Incorrect fees can lead to miscalculations and result in penalties later.
Wrap:
All these mistakes can happen when you file the PCORI fee manually. Switch to e-filing this year and complete your PCORI fee filing without any errors. With Simple 720 PCORI Submission Portal’s bulk uploading feature, you can complete your filing in just a few minutes.