Could your small business Clients pass a Department of Labor audit?
Help them relax this summer by giving them true peace of mind with the Microbusiness Compliance Suite. The Department of Labor (DOL) keeps a close eye on businesses of every size—including small ones. If your Clients have 2-20 employees and sponsor a Group Health Plan, they’re subject to ERISA, DOL, PPACA, and HIPAA requirements and could risk DOL penalties of up to $147/day per Participant.
Protect your small business owner Clients TODAY with our comprehensive Microbusiness Compliance Suite. Includes required documents and guidelines, DOL audit support, and a Hold Harmless Agreement.
Order before August 31, 2017 and receive a 10% discount—that’s up to $100 in savings!
Disclaimer: The Microbusiness Compliance Suite is only available to employers with 2-20 employees. Completed application must be received by August 31, 2017 and ERISA must be included in the bundled service offering in order to qualify for the 10% discount.
Contact Microbusiness Sales at 888-595-2261 Ext. 17732 • firstname.lastname@example.org
You asked, we listened. The TASC Card limit has been increased to $2,500.
Effective May 1, 2017, the TASC Card limit for out-of-pocket medical expense reimbursement for AgriPlan and BizPlan Clients has been increased from $1,000 to $2,500 to keep pace with rising healthcare expenses. Medical expense reimbursement has never been easier!
And in the event that a charge exceeding $2,500 is anticipated, your Client may request a temporary limit increase of $1,000 (up to $3,500) by calling TASC at 800.422.4661.
- Pre-fills Year-End Report.
- Qualifies and pays for eligible expenses on the spot.
- Eliminates writing checks.
- Helps keep Plan compliant.
- It’s how the Plan works!
Employers who provide health coverage are required to report health Minimum Essential Coverage information to covered employees, former employees and the IRS annually.
For Group-insured health plans, this requirement lies with the insurance carrier. For self-insured Plans, this responsibility rests with the employer.
Employers are required to submit a 1094-B Transmittal Form and 1095-B forms for each covered employee to the IRS by February 28th, or March 31st if filing electronically.
In addition, they must distribute IRS Form 1095-B to affected employees by March 2, 2017 (delayed from January 31, 2017 deadline). Employees will use this form when completing their own individual income tax returns as proof of health insurance coverage for the prior calendar year. Under new Healthcare Reform rules, an individual can be fined for any month they fail to maintain health coverage.
To help ensure the compliance, TASC will once again email (or mail if TASC doesn’t have an email address on file) its Microbusiness multi-employee No Limit Plan Clients (who don’t sponsor Group insurance) detailed instruction and links to these online fillable tax forms early next week. (TASC’s legal, compliance and governmental affairs departments had previously concluded that Clients who had a 2015 or 2016 Non-Excepted Flexible Spending Account (NEFSA) are not required to file or distribute these forms.)
TASC’s ACA Reporting service is available to all other Clients for a fee. If interested in learning more, please contact your RSD or call Customer Care at 800.422.4661.
H.R. 34 containing provisions that establish Small Business HRAs (SBHRA) was signed into law on December 13, 2016.
What does this mean to you and your Clients who own small businesses? That employers with more than one but fewer than 50 full-time employees can once again use a Health Reimbursement Arrangement (HRA) to assist employees with health insurance premiums and out-of-pocket medical expenses without sponsoring Group insurance. (Integrated and One Employee HRA Plans are already compliant with federal law.)
- You can begin providing tax relief to Clients who were previously ineligible for HRA health & welfare benefit Plans as early as January 1, 2017. Contact your Microbusiness Regional Sales Director today to find out how we can help.
- It’s important to know that HRA Plans require your Clients to plan ahead. Here are some key things to be aware of:
- Clients can write off insurance premiums beginning the first of the year in which they enroll.
- But they cannot write off out-of-pocket medical expenses until the first of the month in which they enroll.
- The earlier your Clients sign up during a calendar year, the more they’ll save on their taxes.
Healthcare Reform will continue to bring BIG changes that will affect you. TASC has you covered.
Upcoming changes to the nation’s Healthcare Reform legislation (Affordable Care Act) will continue to impact employee health & welfare benefit Plans. Not only will TASC continue to implement the necessary changes and administrative process updates to comply with changing law, we’re proud of the fact that our own legislative team led the charge in getting this law passed!
Plus, we’ll continue to monitor and respond to additional employee benefit legislation and keep you informed and in compliance. Subscribe to our Capital Connection blog at http://www.tasccapitalconnection.com and you’ll receive email notifications whenever there’s a post about changes to federal and state government policy.
Here are just a few recent examples of how TASC’s pro-participant, pro-Client stance helped to protect small business owners:
- In 2013, IRS Notice 2013-54 was passed requiring HRAs with more than one eligible employee to be integrated with Group health insurance. TASC’s Legal and Governmental Affairs team spent countless hours researching this provision before offering compliant solutions for small business owners who had individual insurance. Clients who enrolled in our Non-Employer Sponsored Premium (NESP) and Non-Excepted Flexible Spending Accounts (NEFSA) received three additional years of tax savings (2014, 2015, and 2016).
- On December 16, 2015, the IRS provided further guidance on the application of Group health plan market provisions in the form of IRS Notice 2015-87. This provision required TASC to suspend the sales of its NESP/NEFSA Plans and survey Clients to determine the compliance of their Plans. TASC has spent the past year transitioning or cancelling non-compliant Plans. UPDATE: While the NESP/NEFSA Plan is still non-compliant, TASC will reach back out to these impacted Clients to inform them of the new SBHRA tax-advantaged benefit option.
Look to TASC as your back-office partner. TASC will continue to monitor and respond to the nation’s Healthcare Reform legislation. We will make every effort to avoid posing financial harm to our customers. And, as always, TASC will guarantee and defend Clients with compliant Plans.
Please stay tuned for further updates.
The re-enrollment for AgriPlan, BizPlan and No Limit Plan Clients for the 2017 Plan Year will begin on November 17th, the date when TASC mails invoices. This year, each invoice will include an Employer Data Verification Form. This form will help ensure we have accurate data from each employer and assure the compliance of their Plans.
Once they complete the mailed Form (which will be printed on the front side of the Plan Election Change Form), Clients will be asked to return it to TASC in the supplied Business Reply Envelope with their payment and voucher.
Due to requirements resulting from the Patient Protection and Affordable Care Act (PPACA), employers who offer employer-sponsored benefits are required to file IRS Tax Form 720 and pay a small fee. This will impact Plan years ending 2012-2019. Don’t worry; TASC has you and your Clients covered!
TASC is committed to keeping your Clients’ Plans in compliance and backs every AgriPlanNOW, BizPlanNOW and No Limit Plan with our Audit Guarantee. To help ensure compliance, please tell your Clients who have multiple, benefit-eligible employees to watch their mail in mid-June for a pre-filled IRS Tax Form 720 from TASC containing the required PCORI information (one-employee Plans are exempt).
We will 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 August 1, 2016
- Mail to the Department of Treasury, Internal Revenue Services, Cincinnati, OH 45999-0009
- If they are already filing IRS Tax Form 720, contact their tax preparer (which in most cases is you) to include the PCORI calculation and fee on their form submission.
- If they have 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,contact our Customer Care Center at 800.422.4661 for further assistance.
The South Dakota Department of Revenue has announced a sales tax increase from 4.0 to 4.5% effective June 1, 2016. As a result, TASC will make available an updated Microbusiness Plan Application on June 1st to coincide with the SD sales tax increase.
Please use the new sales tax rate on any Plan Application that you submit on behalf of your South Dakota Clients beginning on June 1, 2016.
Could your small business owner Clients pass a DOL audit? Give them true peace of mind with the Microbusiness Compliance Suite. The Department of Labor (DOL) keeps a close eye on businesses of every size—including small ones. If your Clients have 2-20 employees and sponsor a Group Health Plan, they’re subject to ERISA, DOL, PPACA, and HIPAA requirements and could risk DOL penalties of up to $110/day per Participant.
Protect your small business owner Clients TODAY with our comprehensive Microbusiness Compliance Suite. The suite includes required documents and guidelines, DOL audit support, and a Hold Harmless Agreement.
LIMITED TIME OFFER. Order before July 31, 2016 and receive a 10% discount—that’s up to $100 in savings!
Disclaimer: The Microbusiness Compliance Suite is only available to employers with 2-20 employees. Completed application must be received by July 31, 2016 and ERISA must be included in the bundled service offering in order to qualify for the 10% discount.
TASC’s Microbusiness Regional Sales Director (RSD) Jim Yinko was honored in the March issue of In Business magazine. He was showcased as one of Madison’s 2016 most promising 40 under 40 young business professionals.
Jim holds a Bachelor of Science degree in Sociology from the University of Wisconsin and joined TASC in 2008. He has consistently ranked as one of the highest producing Microbusiness RSDs — working with tax professionals, financial planners, and insurance agents to bring tax savings to sole proprietors and other small business owners.
In his spare time, Jim devotes time to the American Heart Association’s annual walk as a team captain and coaches Kennedy Little League and Madison Hatters baseball. Jim’s belief is that when you make time to improve the lives of the people around you, “You create great relationships, give back, and have all the time you need to finish other goals.”
Steve Kielman, Regional Vice President and Jim’s direct supervisor, comments, “We are very proud of Jim and his contributions to the growth of the Microbusiness Sales Division and to the Dane County community. Congratulations Jim!”
You probably need no reminder; however, it’s time for your Clients to start thinking about tax season! TASC makes it fast and easy for your Clients to get the records they need with MyTASC online tools. These tools let your Clients download their AgriPlanNOW, BizPlanNOW and No Limit Plan Year-End Report as soon as they’ve finished submitting all of their medical expenses for the year—and the earlier they have their Year-End Report in hand, the sooner they can schedule an appointment with you or their tax professional!
We make it fast and easy for your Clients to download their Year-End Report
Here is the instruction we sent to your Clients:
- Log in to your MyTASC account at http://www.tasconline.com. There’s an instructional video on how to log in to MyTASC on the TASC home page.
- Enter any additional medical expenses that weren’t purchased through your TASC Card. (Expenses paid for with your TASC card are already included.)
- Click on the Create Year-End Report button (found under both My Expenses and the Year-End Report tab in MyTASC).
- We’ll compare your expenses against a list of eligible ones. If your expenses are approved, you’ll be able to immediately create and print your report in PDF format.
- If any of your submitted expenses are in question, your Year-End Report will take another three to five business days for manual review. After this review and approval, you’ll receive an email with a link to log back into MyTASC and you’ll be able to download your report at your convenience.
Do you prefer a paper Transmittal?
If you told us last year that you wanted a Transmittal form mailed, you will receive one in the mail this year and every year thereafter.
If you have not previously request a mailed paper Transmittal form and would prefer this method of reporting your expenses, please complete our Online Form or submit a MyService Request online (log in to MyTASC, click on the Contact Us tab, click on the Service Request link, fill out and submit the form). Please have your TASC ID available. You should receive your paper Transmittal in the mail within 5 to 10 business days. You need only contact us one time in regard to receiving a mailed Transmittal.
Would you like to save time and print a Transmittal worksheet?
If you would like to download and complete a paper Transmittal of your expenses, click on Year-End Report from the MyTASC home page or the Year-End Report tab anytime after December 20th. Then simply click on the Paper Transmittal link to open and print a PDF Transmittal worksheet. Complete the form and mail to TASC.
Thank you for your business!