What the heck is the pesky little PCORI fee you have to pay and why should you care?
Here’s the short answer…
If you’ve established a Health Reimbursement Arrangement (HRA) for your employees and/or your spouse, you’ve got to pay the small PCORI fee to Uncle Sam. (More details below.)
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A Quick Reminder.
HRAs that you likely have come in three flavors…
- 105-HRAs
- Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)
- Individual Coverage Health Reimbursement Accounts (ICHRAs)
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All three types of HRAs come with a small annual filing requirement.
Here’s the story…
Every year, the plan sponsor must file IRS Form 720 and pay a small fee to support the Patient-Centered Outcomes Research Institute.
The PCORI is a non-profit institute created as part of the Affordable Care Act. It funds research on the comparative effectiveness of medical treatments.
If you’re not aware of the fee obligation, you really should find out more. The best way to do that is to read the full article, “Be Sure to Pay the PCORI Fee if You Have an HRA.”
We’ll cover important topics you need to know now.
- How much is the fee you’ll have to pay? Not much thank goodness! To find out more, read the full article.
- How to pay the PCORI fee. It’s actually pretty easy. To get the whole story, read the full article.
- We’ll discuss tax deductibility, an important subject. For full details, read this full article.
- You pay the PCORI fee by filing IRS Form 720 with your Quarterly Federal Excise Tax Return. You must file Form 720 by July 31 of the calendar year immediately following the last day of your HRA plan-year. We’ll give you full information when you read the full article.
- We’ll tell you how to fill in Form 720. There are seven steps you need to follow in order to submit your Form 720 to the IRS. But don’t freak out. Filling out the form is easy and you can probably do it yourself. We’ll tell you how when you read this full article.
- And much more
To get all the information you need,
read the full article titled
Be Sure to Pay the PCORI Fee if You Have an HRA