IRS Releases Updated PCORI Fee Amounts for 2024
The IRS has recently released Notice 2023-70, which provides PCORI fee amounts for plan years that end between October 1, 2023 and before October 1, 2024. The dollar amount has been adjusted from $3.00 to $3.22. Employers should process plan data regarding plan end dates and plan participants that fall within the window as soon as possible.
As a reminder, an employer’s total annual PCORI fee is equivalent to the applicable dollar amount stated above multiplied by the average number of enrolled employees during that plan year. This information must be reported on IRS Form 720.
The PCORI fee for all plan ending in 2023 is due on July 31, 2024. Employers should keep in mind that this Notice means that different plan end dates in 2023 have different PCORI fees attached to them and send in payments accordingly. You can view the Form 720 and its instructions HERE.
You can read the entire Notice HERE.