The Patient-Centered Outcomes Research Institute (PCORI) fee was introduced as part of the Affordable Care Act (ACA) for the sole purpose of funding medical research. Under the Affordable Care Act, issuers of specified health insurance policies and self-insured health plans are required to pay a fee to help with funding the Patient-Centered Outcomes Research Institute (PCORI). This fee is calculated based on the average number of lives covered and must be reported once a year after the second quarter (April, May & June) ends before July 31st (or the following business day if July 31 falls on a Saturday, Sunday or legal holiday).
As the due date this year falls during a weekend the deadline to report IRS Form 720 for the second quarter and the 2020 PCORI fee is TODAY, Monday, August 2nd, 2021. For businesses that have zero excise tax to report this quarter will still need to file out a Form 720 by selecting the option for a Zero Tax Liability. This is to keep the IRS informed that you do not have any Excise taxes to report and will also ensure you stay compliant with the IRS by having your return completed on time.
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