As you may recall from last year’s communications, 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.
What does this mean for multi-employee AgriPlanNow and BizPlanNow Clients?
• Fee will be collected for seven years
• Will affect those multi-employee firms whose Plan years end between 2012-2019
• Due each July 31st
• Fee is equal to the average number of Plan participants x $2.
• PCORI multiplier will increase based on the inflation index for future years
TASC brings you peace of mind
TASC is committed to keeping your Clients in compliance and backs every AgriPlanNOW and BizPlanNOW Client with our Audit Guarantee. To help ensure compliance, we will mail multi-employee Clients a pre-filled IRS Tax Form 720 containing the required PCORI information.
Upon receiving this tax form in the mail from TASC, please instruct your Clients 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, 2014.
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 informed and to ensure your Clients Plans remain in compliance with changes as they occur.