PCORI Fees – Are They Applicable to You?
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Length: approx. 1 min.
As a business owner, you may have heard of the PCORI fee, but what is it? PCORI stands for Patient-Centered Outcomes Research Institute, and its $3 per employee fee helps prove you have a medical plan sponsored for your employees, effectively keeping the IRS off your back. However, it only applies in these forms of medical arrangements: 105-HRAs, QSEHRAs, and ICHRAs. To pay this fee and obtain a tax deduction, file IRS Form 720, Quarterly Federal Excise Tax Return. The deadline to pay and file is July 31st, 2023, so make sure you file timely! If you would like to know more about ways to maximize medical expenses as tax deductions, give us a call at 832-295-3353. We are here to help.