Nestled amid holiday cards may be a less welcome letter from the IRS. The IRS has confirmed that the initial notices to employers that they may owe employer shared responsibility (ESR) penalties are going out before year-end. Letter 226J will address preliminary calculations of amounts employers owe for tax year 2015. Employers subject to theContinue reading “30 Days to Act on IRS Letter 226J”
Author Archives: NAHU
IRS Drops the Mic on Employer Shared Responsibility Payments
Employers who have been counting on the IRS to forget about employer shared responsibility payments apparently have run out of luck. The IRS recently revised one of their FAQ documents to outline their upcoming issuing of penalty demand letters. Employers can look forward to receiving Letter 226J. The letter will include: A summary table itemizingContinue reading “IRS Drops the Mic on Employer Shared Responsibility Payments”
IRS Invokes ACA Individual Health Care Reporting Requirement
The IRS has announced a change of course regarding individual tax returns and ACA compliance. Individual tax returns filed in the 2018 filing season will not be accepted if the taxpayer does not indicate whether they had health coverage. The IRS had previously planned to reject returns without the health coverage information during the 2017Continue reading “IRS Invokes ACA Individual Health Care Reporting Requirement”
ACA Employer Reporting Preparation Tips and Reminders
The bad news – for some — is that the ACA, including employer reporting, is still here despite the months of Congressional activity. The good news – for many employers subject to the ACA’s employer reporting requirements — is that the reporting forms are pretty much unchanged from last year. Few changes mean that manyContinue reading “ACA Employer Reporting Preparation Tips and Reminders”
October Due Date for Medicare Creditable Coverage Notices
Employers with Medicare eligible participants must provide a notice that specifies whether the plans that they sponsor constitute creditable coverage for Medicare Part D. The notice must be provided in conjunction with the Medicare Part D annual election period which begins on October 15. This notice must be provided to all Medicare eligible individuals whoContinue reading “October Due Date for Medicare Creditable Coverage Notices”
EAPs Pose Compliance Complications
Employee Assistance Plans (EAPs) are popular employer-sponsored plans that help employees address personal and work related problems that impact their health or job performance. Benefits provided by EAPs are varied in both scope and breadth. Benefits may include: Mental health referral services Mental health counseling Financial counseling Drug or alcohol abuse counseling Assistance with addressingContinue reading “EAPs Pose Compliance Complications”
Counting Employees Not as Easy as 1…2…3
Most children can count to 10 in preschool. The average child can count to 200 at age six. But, employee benefit professionals know that counting – when counting employees — is anything but easy. The reason that counting employees isn’t easy is that it depends why they’re being counted. Different laws at the federal andContinue reading “Counting Employees Not as Easy as 1…2…3”
IRS Releases New Employer Reporting Forms
First the “bad news”… Employers hoping that the IRS will relax ACA employer requirements may find the recent release of the draft 2017 employer reporting forms disheartening. Many had hoped that President Trump’s Executive Order directing the Department of the Treasury to review tax regulations to reduce the tax regulatory burdens would include ACA’s employerContinue reading “IRS Releases New Employer Reporting Forms”
Marketplace Broker Training Different for New and Returning Brokers
Brokers who pursue federal marketplace training this year will pursue a different path if they are new to the marketplace or renewing their registration. A returning broker who can use the streamlined refresher training is one who was registered for the marketplace in 2017. To ensure eligibility for refresher training a broker should confirm thatContinue reading “Marketplace Broker Training Different for New and Returning Brokers”
How to Survive a Department of Labor Health Plan Audit
Ask anyone to choose a root canal or an IRS audit and the choice will be no surprise – root canal. Many employers would choose a root canal over a Department of Labor (DOL) health plan audit, too. A DOL health plan audit can be triggered by a complaint or luck! In any event, noticeContinue reading “How to Survive a Department of Labor Health Plan Audit”
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