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    IRS releases updated Form 720

    Authored by Bukaty Companies on June 28, 2023

    Last week, Bukaty Companies issued information concerning the July 31 Patient-Centered Outcomes Research Institute (PCORI) fee deadline, acknowledging the IRS hadn’t updated Form 720 to reflect the $3 fee applicable to some plan years. Yesterday, the updated Form 720 was released.

    The $3 per-covered-life fee applies to plan years ending on or after October 1, 2022, and before October 1, 2023. Applicable employers should use one of four methods to calculate the amount owed and submit the required fee to the IRS by July 31. Click here for a summary fee schedule.

    Employers who file the second-quarter Form 720 only to report the PCORI fee are not required to file in other quarters. Carriers will pay the fee on behalf of fully insured plans. The fee is included in monthly premiums plan sponsors pay throughout the year.

    For assistance with filing, contact your Bukaty benefits consultant at 913.345.0440.

    Blog Category: Health Care Reform, Compliance