It is important to note that the PCORI fee rate changes each year. Therefore, it is always recommended that the applicable PCORI fee for the current year be verified before filing. Let’s take a look at how the fee has increased since its introduction in 2013.
The PCORI Fee is reported and paid using Form 720, the Quarterly Federal Excise Tax Return. There are two methods available for making the payment:
Manual filing – Download the latest version of Form 720 from the official IRS website. Fill in the required details and mail the completed form to the official IRS mailing address along with the payment check.
Electronic filing – Use any IRS-approved online PCORI portal to complete your filings in just a few minutes.
The IRS recommends filing online due to several advantages:
Fast and Simple Process: Complete your filing quickly and easily.
Error-Free and Cost-Effective: Reduce mistakes and save on filing costs.
Easy Data Storage and Retrieval: Keep records organized and accessible.
Efficiency and Guidance: Receive assistance throughout the process.
Simple720 is an IRS-approved, user-friendly portal designed to simplify your PCORI Fee filing process. Follow these basic steps to complete your filing in just a few minutes:
Registration and Login
Create an account on Simple720 and log in to access the filing portal.
Add Basic Details
Enter your personal or representative details as required.
Add Business Details
Provide essential business information, including the name, address, and EIN (Employer Identification Number).
Select the Right Category and Provide Inputs
Choose the appropriate category for your filing and input the necessary information about the average number of lives covered.
Review the Calculated Amount on the Dashboard
Check the auto-calculated PCORI Fee amount displayed on your dashboard to ensure accuracy.
Complete Your Payment
Make your payment securely through the portal.
Receive the Acknowledgment
Once the filing is submitted, you will receive an acknowledgment as proof of your submission.
WRAP:
Staying updated on PCORI rates and choosing the right filing method ensures compliance. Simple720 offers a fast, secure, and hassle-free way to file PCORI online.
With bulk submitting options and professional customer service, your PCORI filing will be a breeze in 2025.