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IRS Tax Form 720 Filing and PCORI Fee Due July 31st

June 5, 2017
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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.

Your multi-employee AgriPlan, BizPlan, and No Limit Plan Clients are required to file IRS Tax Form 720 and pay a small fee by July 31st each year. This impacts Plan years ending 2012-2019. The total fee for Plan Year 2016 will be $2.26 per Participant.

As in the past, please remind these Clients to watch their mail around mid-June for a pre-filled IRS Tax Form 720 from TASC containing the required PCORI information.

They will need to:

  • Verify their EIN number (this cannot be their Social Security 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, 2017
  • Mail to the Department of Treasury, Internal Revenue Services, Cincinnati, OH 45999-0009

If they are already filing IRS Tax Form 720, they are advised to contact their tax preparer (which in most cases is you) to include the PCORI calculation and fee on their form submission.

If  your multi-employee Clients 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, if they need further assistance your Clients are asked to please contact our Customer Care Center at 800.422.4661.

 

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Save 10% on Microbusiness Compliance Suite!

May 9, 2017
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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 • microbusiness@tasconline.com

The TASC Card limit has been increased to $2,500!

May 3, 2017
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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!

The next PIP trip destination is…

January 24, 2017

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A Caribbean destination awaits you! As part of our Provider Incentive Program, top 2017 Providers will earn a trip to GRAND CAYMAN, and experience the all-new Westin Grand Cayman Seven Mile Beach Resort & Spa.

In the very heart of Grand Cayman, the resort is recognized for its excellence, with a full sensory experience that uplifts and energizes. Pause in the pool. Swim with a stingray. Stroll Seven Mile Beach. Dive with Dolphins. Grand Cayman is the ultimate destination for the adventurer at heart—boasting crystal clear Caribbean water and a near endless variety of marine life and attractions.

Make it a grand year— and experience abundant rewards in Grand Cayman:

  • Visit a breathtaking, location offering adventure and tranquility.
  • Be treated VIP-style at an exquisite 4-diamond property.
  • Gain an edge on the competition via valuable industry “insider” meetings.
  • Establish life-long friendships with peers in the industry.
  • Savor the world’s finest food and drink.
  • Experience the area’s culture and attractions via exclusive excursions.

Click here to view the PIP Grand Cayman Brochure.

Be sure to work with your Regional Sales Director to learn how you can earn the trip.

We look forward to a grand year together and hope to see you in Grand Cayman.

ACA Minimum Essential Coverage Reporting is required for No Limit Clients

January 6, 2017
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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.

The Cures Act brings relief to employers without Group insurance

December 15, 2016
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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.

TASC to verify employer data with AgriPlan, BizPlan and No Limit Plan renewals

November 7, 2016
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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.