ACA: While questions swirl, it remains the ‘law of the land’
It appeared as though earlier this year that the Affordable Care Act would be repealed, relieving employers of many regulatory obligations. However, when Congress failed in March to act on the American Health Care Act, it left the Affordable Care Act – or Obamacare – in place, along with its regulatory provisions. As stated by […]
New law opens door to HRAs for small businesses
A new law, The 21st Century Cures Act, signed in December by President Obama has eased some restrictions and provided some flexibility for small employers who want to offer their employees financial assistance through a standalone health reimbursement plan beginning in 2017. A standalone HRA – Health Reimbursement Arrangement – is one that is not […]
How to respond to a Marketplace notification
What should you do if you receive an Affordable Care Act Marketplace notification informing you that some of your employees had applied for coverage on the healthcare exchange and are eligible for a subsidy? Consider the situation where two of the employees were offered coverage during annual enrollment while the third was not eligible due to working […]
Increasing Affordability Percentage Under the ACA Employer Mandate
Today we received a notification from our colleague Tony Wilson, a Principal with NFP, alerting us to some recent updates to Employer Mandate affordability percentages under the Affordable Care Act. If you have any questions as to how this may affect your business, reach out to Amy Williams and let us know how we can […]
The ABCs of healthcare tax forms
NUVISION Financial Corporation As the rollout of the Affordable Care Act continues to unfold, taxpayers need to be prepared for a number of forms that are required when filing taxes this year. In particular, taxpayers should look for forms 1095-A, 1095-B and 1095-C that are used to show the taxpayer had medical coverage this past […]
Don’t get flagged — file tax statements on time or face stiff penalties
A new federal tax law aimed primarily at foreign competition – the Trade Preference Ace of 2015 – contains some hidden and increased penalties for domestic businesses that fail to file tax returns with the IRS on time or who don’t provide the required statements to those they have paid throughout the year. The increase […]
Don’t get tripped up by these healthcare pitfalls
As all are aware, the Affordable Care Act, or ACA – commonly known as Obamacare – is a very complex law. As we have continued to learn more about the law and how it impacts our clients, we have identified two “pitfalls” that employers need to be aware of and avoid. Independent Contractors: When calculating the […]