07-02-2024

Mistakes to avoid while filing PCORI Fee(Manually)

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PCORI is an independent non-profit research group that provides useful information about their health and healthcare options. Depending on the kind of plan, employers or health insurance firms pay the PCORI fees to the Internal Revenue Service (IRS) using Form 720. However, many errors cause people to make mistakes when filling out the form. 

Here are the mistakes to avoid while filing PCORI Form 720 will be covered in this blog.

Common Mistakes To Avoid While Filing PCORI

To prevent mistakes, it's vital to be aware of potential errors while filling out Form 720. Here are a few mistakes to avoid while filing the PCORI form.

1. Inaccurate reporting:

Make sure you correctly record each line item with the necessary information. Verify the business information, number of lives covered, tax period etc., are correctly mentioned.  

2. Incomplete submission:

Provide all the relevant details and don’t leave anything blank. Not including the EIN or signature can lead to non-approval. To avoid penalties and related interest costs, make sure you complete all the required fields.

3. Ignoring Payment V:

Your Payment Voucher Form 720 V has to be attached along with the form. If not done, your PCORI form filing will be rejected.

4. Neglecting Amendments to Tax Legislation or Regulations:

For 2024, the PCORI fee is $3.22. For 2023, the PCORI fee was $3.00. It is important to stay updated on the current fee to ensure accurate payment.

5.  Calculation errors:

Larger organizations may encounter calculation errors due to bulk filings. Ensure you double-check before sending your PCORI form to the IRS.

Conclusion

Filing the PCORI fee manually is a major problem for many insurance providers today. Switch to online filing through eFile720 and feel the difference.