This week the IRS announced the applicable per participant PCORI tax rates for group health plans with Plan Years ending during the last three months of 2023. The applicable rate will be $3.22 per participant. The new rates were announced in IRS Notice 2023-70. The $3.00 per participant applicable rate for plans with Plan Year ending during the first nine months of 2023 was announced last year.
The PCORI tax for Plan Years ending during 2023 is paid in July 2023 using IRS Form 720. The form contains detailed instruction for how to calculate the amount of tax as well as where and when to pay it.
Group health plan sponsors or their professional benefit advisors who need assistance with the PCORI tax filing process are welcome to schedule a call with Admin America’s President, Trey Tompkins. Interested individuals can schedule a call with Trey for an available time that is most convenient for them here.