2022 Form 720 PCORI rates not update?

[Janice F]

The IRS Form 720 was updated in March 2022; however, the dates and rates for the PCORI fee  on line 133 were not updated (from $2.66 to $2.79).  Does anyone have a work-around for this or how are you handling this?  The service that we use is not allowing an override of the amount due.  This is for Plans with a 12/31/2021 year end.

[Brian Gilmore]

The PCORI fee is exclusively filed on the second quarter Form 720.  I assume they'll update it when we get closer to the July 31 Q2 filing deadline.  The Q1 filing just ended on Monday.

https://www.irs.gov/pub/irs-pdf/i720.pdf

Reporting and paying the fee.

File Form 720 annually to report and pay the fee on the second quarter Form 720 no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Because the rate used to determine the fee varies from year to year, you should determine the fee using the instructions for the second quarter Form 720. If you file Form 720 only to report the fee, don't file Form 720 for the first, third, or fourth quarter of the year. If you file Form 720 to report quarterly excise tax liability for the first, third, or fourth quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. 30) don't make an entry on the line for IRS No. 133 on those filings).

[Janice F]

Thanks.  I did not realize that the forms are updated quarterly.  I was trying to have my staff get an early start on these.  Foiled again.

[Brian Gilmore]

FYI--the updated version of the Form 720 with the $2.79 PCORI rate is out: https://www.irs.gov/pub/irs-pdf/f720.pdf