IRS releases the Form 720 and instructions for employers to file and pay PCORI Fees by July 31, 2019
The Patient Protection and Affordable Care Act (PPACA) requires issuers and employers to pay a deductible per capita fee to help fund the Patient-Centered Outcomes Research Institute (PCORI) Trust Fund. Fees must be reported annually on the second-quarter Form 720 with payment due by July 31, 2019. Although Form 720 is a quarterly form, employers are only required to report and pay PCORI fees once per year.
Employers as plan sponsors will be required to file and remit payment for the fees using Internal Revenue Service Form 720, when applicable.
Third Party Administrators (TPAs) like Flores & Associates are neither allowed to file nor allowed to pay the PCORI fees for HRAs. For more information on the Patient-Centered Outcomes Research Institute (PCORI) and the fee, please visit: https://www.irs.gov/newsroom/patient-centered-outcomes-research-institute-fee.
This update is provided by Flores & Associates is not to be considered tax advice. Please consult your tax professional or legal counsel for compliance advice.
About Flores
Flores is a leading national administrator of tax-advantaged reimbursement plans including Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and Commuter Benefit Accounts (CBAs). In addition to these account-based benefit options, they also handle COBRA and other direct bill services to meet the compliance needs of the employers they serve. In 2018, Flores introduced life.balanced. Reimbursement Accounts (LBA), an affordable post-tax lifestyle reimbursement account for the culture-driven employer. Based in Charlotte, NC, Flores has emerged as the leader in the CDHP market through a service model founded upon innovative technology, dedicated professionals, and an uncompromising commitment to superior service. For more information, visit the Flores website and follow them on LinkedIn.
- Cindy Bistany
- Director of Business Development and Strategic Alliances
- (828) 693-3595
- cindy@flores247.com
- Clay Peddycord, GBA, CFC
- Director of Business Development and Strategic Alliances
- (800) 532-3327
- clay.peddycord@flores247.com
- Aaron Hunt, MBA, CDHC, HSAe, Certified COBRA Administrator
- Director of Business Development and Strategic Alliances
- (800) 532-3327
- aaron.hunt@flores247.com