New research trust fund fees are due this July 31 from health insurers and the plan sponsors of self-insured plans. The fee is paid annually using IRS Tax Form 720, Quarterly Federal Excise Tax Return. The payment, paid through the Electronic Federal Tax Payment System (EFTPS), should be applied to the second quarter (in EFTPS, select Q2 for the Quarter under Tax Period on the “Business Tax Payment” page). This PCORI Fee can be prepared and reported online at http://www.TaxExcise.com, let us see what is this tax/fee allabout and few additional information on it.
Q1. What is the Patient-Centered Outcomes Research Trust Fund fee?
The Patient-Centered Outcomes Research Trust Fund fee is a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans that helps to fund the Patient-Centered Outcomes Research Institute (PCORI). The institute will assist, through research, patients, clinicians, purchasers and policy-makers, in making informed health decisions by advancing the quality and relevance of evidence-based medicine. The institute will compile and distribute comparative clinical effectiveness research findings. Continue reading