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An IRS requirement places new burdens on AgriPlanNOW and BizPlanNOW HRA Clients

May 31, 2013
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The passage of the Patient Protection and Affordable Care Act (PPACA) offers many rights and protections to employees. Unfortunately, the burden of complying with these changing regulations has been placed on you and your Clients. Don’t worry, TASC has you covered!

New fee will fund research and consumer-based health decisions
Established by PPACA, the Patient-Centered Outcomes Research Institute (PCORI) is charged with examining the relative health outcomes, clinical effectiveness, and appropriateness of different medical treatments by evaluating existing studies and conducting its own. The Institute will be funded in part by employer-paid fees.

Fee information for AgriPlanNow and BizPlanNow Clients:

  • Fee will be collected for seven years
  • Will affect those whose Plan years end between 2012-2019
  • Due each July 31st
  • Fee is equal to the average number of Plan participants x $1. For most Clients the fee total will be $1.
  • PCORI multiplier will increase to $2 in 2014

TASC brings you and your Clients peace of mind
TASC is committed to keeping your Clients in compliance and backs every Plan with our Audit Guarantee. To help ensure compliance, we will mail a pre-filled IRS Tax Form 720 with the required PCORI information. All at no extra charge to you or your Clients!

Clients will need to:

  • Verify their EIN number
  • Sign the form
  • Include payment and voucher
  • Ensure their completed form with payment is mailed to the IRS and postmarked no later than July 31, 2013.

If your Client is already filing IRS Tax Form 720, they will be instructed to contact their tax preparer (in most cases this is you) to include the PCORI calculation and fee on their form submission.

TASC has you covered!
Of all the changes created by PPACA, few are more confusing than the rights and protections now offered to employees. This is compounded by the potential of significant penalties for failing to comply. Our benefits experts make the job of complying with these ever-changing regulations quick and painless.

We will continue to monitor future mandates to keep you and your Clients informed and to ensure their Plans remain in compliance with changes as they occur. If you have any questions about PCORI or AgriPlanNOW and BizPlanNOW contact TASC at 1-800-422-4661.

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