With all of the talk about whether the Affordable Care Act will be repealed, replaced, delayed or some other description, one can forget about the fact that individuals have had tax consequences related to the ACA. A recent IRS letter that updated members of Congress about tax return data and the ACA provides an interestingContinue reading “ACA’s Individual Mandate — IRS Provides Update”
Category Archives: Uncategorized
21st Century Cures Act Includes New HRA Provision for Small Employers
The 21st Century Cures Act passed the House and Senate on a bipartisan basis and signed by the President on December 13, 2016. This 1,000 page bill includes language that allows small employers to provide health reimbursement arrangement (HRA) funds for employees to purchase individual coverage. Key provisions of Section 18001 titled “Exception from GroupContinue reading “21st Century Cures Act Includes New HRA Provision for Small Employers”
Preparing for 2017 – Checking Status and Filing Forms
Santa may be making a list and checking it twice, but employers have to check their ALE status and prepare to file forms! Employers of all sizes need to take stock by calculating the number of full-time and full-time equivalent employees for the year 2016. If the average meets or exceeds 50, the employer willContinue reading “Preparing for 2017 – Checking Status and Filing Forms”
IRS Notice Delays ACA Employer Reporting to Individuals
In a surprise pre-Thanksgiving Day notice, the IRS has given employers some breathing space to complete and provide ACA’s 1095-C forms to employees. Notice 2016-70 provides the following: It extends the “good faith compliance” transition relief from penalties when there is a good-faith effort to comply with information reporting requirements under sections 6055 and 6056Continue reading “IRS Notice Delays ACA Employer Reporting to Individuals”
Preparing for ACA’s Employer Reporting in 2017
Despite the results of the election, compliance with the ACA goes on, unless and until Congress takes action. Even then, odds are that changes to the ACA will take time to be implemented. As such, with 2016 drawing to a close, employers are reminded that they have to calculate whether they will be an ApplicableContinue reading “Preparing for ACA’s Employer Reporting in 2017”
Medicare Enrollment and “Seamless Conversion”
Anyone approaching Medicare age is sure to be swamped with mail regarding the coverage options to consider. For many people, these mailers are put aside or disregarded as “junk mail.” But, Medicare enrollment is an important decision which has both medical care and financial implications. Individuals are finding that a process intended to make MedicareContinue reading “Medicare Enrollment and “Seamless Conversion””
Marketplace Appeals — The Results
At the risk of sounding like Nick Cannon on the television show America’s Got Talent when they’re announcing performers advancing to the next round of competition, employers are beginning to see the results of appeals that they’ve filed when employees receive subsidies in the marketplace. Employers are finding some of these appeal decisions perplexing, especiallyContinue reading “Marketplace Appeals — The Results”
Cash-in-Lieu Options Face Compliance Hurdles in 2017
IRS rules further regulating cash-in-lieu (opt-out) programs are effective the first day of the plan year beginning on or after January 1, 2017. The rules provide for two different types of cash-in-lieu or opt-out arrangements: conditional and unconditional. The easiest opt-out plan administratively is an “unconditional opt-out” arrangement. An unconditional opt-out doesn’t have strings suchContinue reading “Cash-in-Lieu Options Face Compliance Hurdles in 2017”
Telemedicine — A Growing Benefit Offer
Employers and insurers are increasingly turning to telemedicine programs to save employees money and increase productivity. With a doctor visit only a phone call away, employees don’t have to take time off the job to sit in a doctor’s office when a remote visit will do the trick. Employers who wish to learn more aboutContinue reading “Telemedicine — A Growing Benefit Offer”
Trade Adjustment Act Health Tax Credit Hardship Exemption Announced by IRS
The special health care tax credit for individuals and their families receiving trade adjustment assistance (TAA) or receiving payments from the Pension Benefit Guaranty Corporation was reinstated in 2015, retroactive to 2014. It had previously expired in 2013. The Trade Preferences Extension Act of 2015 extended and modified the expired tax credit. This credit providedContinue reading “Trade Adjustment Act Health Tax Credit Hardship Exemption Announced by IRS”
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