Here are the key details on the fees for 2014:
- The fee is now $2 per member (both employees and dependents), averaged throughout your plan year ending in 2013 (you can usually get an enrollment report from your carrier).
- Payment must be submitted with an IRS Form 720 by July 31 of the calendar year after the plan year ends.
- The calculation hinges on the method used for calculating the total member count during the plan year. There are several allowable methods for counting your members.
We will be sending detailed instructions and a pre-filled IRS Form 720 to all our clients who need to comply. Let us know if you have any questions with how to comply with this requirement, as the deadline is right around the corner!