If you have any AgriPlanNOW, BizPlanNOW or No Limit Plan Clients with multiple employees, please remind them to watch their mail toward the end of June for important, time-sensitive tax documents from TASC.
Due to new requirements from the Patient Protection and Affordable Care Act (PPACA), employers who sponsor benefit Plans and have multiple employees are required to file IRS Tax Form 720 and pay a small fee ($2.08 per Plan Participant). This will impact Plan years ending 2012-2019. Don’t worry, TASC has you and your Clients covered!
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.
TASC is committed to keeping your Clients in compliance and backs these Clients with our Audit Guarantee. To help ensure compliance, TASC will mail a pre-filled IRS Tax Form 720. Once your Clients receive these documents in the mail, they 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, 2014
- Mail to the Department of Treasury, Internal Revenue Services, Cincinnati, OH 45999-0009
If they are already filing IRS Tax Form 720, your Client has been directed to contact their tax preparer (in most cases this may be you) to include the PCORI calculation and fee on their form submission.
If your Client has corrections to the mailed pre-filled Form 720, they can download, create and print a corrected fillable PDF Form 720 from the IRS website. As always, if you or your Clients need further assistance, please contact our Customer Care Center at 800.422.4661.