IRS extends due dates for ACA reporting
The IRS has announced an extension to the reporting deadlines mandated by the Affordable Care Act for Tax Year 2019. The IRS has extended the 2020 deadline from January 31 to March 2 for employers and insurers to furnish individual statements on 2019 health coverage and full-time employee status. The additional time was given in […]
Note changes to ACA thresholds and signs of more audits
It’s almost time for the annual open enrollment period, so it’s important to note that the IRS recently announced the affordability percentage for 2020 under the Affordable Care Act will decrease to 9.78 percent. This is a slight decrease from the 2019 threshold of 9.86 percent. Employers should make sure that your insurance broker is […]
ACA Employer mandate penalties increased for 2018
While the Affordable Care Act’s Individual Mandate is repealed beginning in 2019, the Employer Mandate still is the law, and the IRS recently updated those penalties for 2018. The penalties relate to applicable large employers, or ALEs, that fail to offer affordable coverage to all their full-time employees. The update, along with additional information for […]
Some ACA deadlines extended for employers
Employers will have more time to comply with some Affordable Care Act reporting deadlines. As you know, employers who offer fully insured medical plans must file Forms 1094-C and 1095-C with the IRS by Feb. 28 for paper filers and April 2 for electronic filers. (Employers with 250 or more reports to file are required […]
Employers to face excise tax if not in compliance with ACA
Employers could be receiving notices before the end of the year that they will be fined for not providing minimum essential healthcare coverage to employees under the Affordable Care Act. Applicable large employers may be subject to the excise tax if they do not offer minimum essential coverage to at least 95 percent (70 percent […]
No changes in healthcare yet, even with Trump executive order
President Trump signed an executive order this month that is being described in the media as a step in dismantling the Affordable Care Act. For now, however, healthcare remains business as usual. While the executive order signed Oct. 12 could result in some significant changes – such as greater access to association health plans and […]
Senate takes up tax reform, healthcare legislation
Two issues that will significantly impact every individual and business owner are beginning to gather steam in Congress: tax reform and healthcare legislation. Healthcare As reported by Reuters, Senate Majority Leader Mitch McConnell (R-KY) plans before the end of the month to bring up for a vote in the Senate the Graham-Cassidy-Heller-Johnson bill, which would […]
Health care legislation: Comparison of Senate, House health care bills
It’s not quite a tale of two cities, but below is a breakdown of two competing health care bills being considered by Congress. The Republican-led U.S. House of Representatives and the Republican majority in the Senate have both released healthcare bills designed to overhaul the Affordable Care Act, also known as Obamacare. The House bill, […]
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 […]
Deadline for providing written notice of HRAs temporarily lifted
Employers offering Health Reimbursement Arrangements to their employees currently do not have to give employees written notice 90 days before the beginning of the year when the HRA will be provided. The IRS recently suspended the small employer deadline to provide HRA notice to their employees until further notice. Providing qualified small employers – those […]