By now, if you are a Microbusiness Provider or Client of TASC you know that the game has changed. Or at least the rules of the game have changed. The nation’s healthcare reform legislation signed into law earlier this year means significant changes for small businesses and the tax and financial professionals who serve them.
Needless to say, these sweeping changes have required adaptation—and sometimes even transformation—at TASC, as well. We have spent the last few months re-thinking, re-tooling, and re-inventing just about every service we provide, because these new laws have impacted the nuts and bolts that hold together just about every Plan we provide.
It’s no overstatement to say that attending to these changes has been one of the biggest challenges of my professional career. Meanwhile, of course I know that I am not alone when it comes to facing difficulty. Most likely no niche is more challenged by these new rules than our small “mom and pop” businesses.
These small businesses are facing new compliance requirements and healthcare-related provisions that are absolutely unparalleled, in my opinion. And while failure to comply with specific provisions could jeopardize the tax savings aspect of their medical reimbursement accounts, at the same time other new provisions offer real benefits to their businesses and families.
How many small business owners have time to sift through a 2,000 page document to learn all the ins and outs of the new law? Not many. And with the small business in mind, TASC is proud to introduce AgriPlanNOW and BizPlanNOW. These revamped services are specifically designed to comply and to ensure Clients the maximum benefit possible. And that’s a key point. Besides helping Microbusiness Clients maintain the tax savings they currently enjoy, these Plans do more. They provide the know-how, and include features established specifically to help businesses benefit as much as the new laws allow. Whether deciding to participate in the CLASS Act or to continue with the traditional long term care insurance, AgriPlanNOW and BizPlanNOW are ready to help Clients find the answer that’s right for their family. We can help Clients navigate the new web portal. Or access funds for Wellness Grants. Or track their Adult Children. The list goes on.
Although AgriPlanNOW and BizPlanNOW carry a higher price tag than AgriPlan and BizPlan, this fee is locked in through the 2014 Plan Year. And that lock-in is guaranteed, no matter the unforeseen challenges or rules that come our way between now and then, no matter the need for us to revamp to comply.
As our nation’s mid-term election results suggest, this legislation could very well be in play for quite some time. Provisions and portions may change, and may change again and again. TASC will keep on changing, too. And no matter how we might need to change the Plan over the next four years, we won’t raise our fees. This guarantee goes hand in hand with our pledge to take care of our Clients. That’s what we do.
I wish all of you the happiest of holiday seasons!
TASC CEO Blog 