About the Patient-Centered Outcomes Research Initiative (PCORI) fee reporting
The Affordable Care Act requires a minimal fee to be paid by companies based on the average number of participants covered by your company's Zane Benefits plan in the previous year. If you offered an HRA to your employees in 2021, you are required to fill out this form. While the 720 Form is a quarterly form, this fee is only due once by July 31st for the full 2021 year. Issuers or plan sponsors that file Form 720 only need to report the PCORI fee and will not need to file Form 720 for the year's first, third, or fourth quarter. Please note that the IRS has extended the PCORI fee filing requirement through 2029, which will be required each year.
While PeopleKeep cannot file this form for you, below you'll find detailed instructions for how to fill out and file this form.
How to complete Form 720
Download the form here: IRS Form 720
In the examples below, the company plan covered an average of 3 participants and had a plan year that ended on December 31, 2021.
Step 1. Complete company information header
- The quarter ending date will be June 30, 2022
- Only check "Final return" if the company is 1) going out of business or 2) will not be required to file a Form 720 in future quarters
Step 2. Complete Part II, line 133(c) or (d)
- Complete line 133(c) if the company's plan year ended before October 1, 2021
- Complete line 133(d) if the company's plan year ended on or after October 1, 2021 (This is most plans)
Step 3. Complete Part III lines 3 and 10, sign and date
Step 4. Complete the Payment Voucher
Step 5. Send the completed form, payment voucher, and check to:
Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0009