Question: We forgot to file and pay our Patient Centered Outcomes Research Institute (PCORI) fee last year; how can we correct this?
Answer: We cannot provide tax advice as this is not our area of expertise. We recommend consulting with a professional tax advisor prior to relying on this information. However, as general information our understanding is that the employer should file the Form 720 as soon as possible, along with any fees owed. Once the return is received by the IRS, they will calculate any penalties owed and notify the employer by mail. Assuming the employer owes penalties, such fees may be waived if it can shown that the delay in filing was for a reasonable cause and was not willful neglect.