The Department of the Treasury and the Internal Revenue Service that will affect how businesses submit their informational returns to the IRS. These regulations will require certain filers to e-file beginning in 2024. The new rules, T.D. 9972, affect filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain […]
Learn MoreIn this podcast episode, Chris Cooley talks in detail about ACA reporting, including common misconceptions, affordability details, and penalties.
Learn MoreFinal Forms and Instructions for 2022 ACA Reporting Updates to 2022 ACA forms and instructions The 2022 forms are essentially unchanged from the prior year. The instructionshave been updated to include the permanent, 30-day automatic extension oftime for furnishing statements to individuals under Sections 6055 and 6056.Due to this extension, individual statements for 2022 must […]
Learn MoreACA Requirement Changes Taking Effect in 2023 Changes to some ACA requirements will take effect in 2023 for employers sponsoring group health plans. To prepare for 2023, employers should review these requirements and develop a compliance strategy. Employers should ensure that their health plan documents, including the summary of benefits and coverage (SBC), are updated […]
Learn MoreRead our checklist of important human resources compliance items to consider before the end of 2022
Learn MoreOn Aug. 1, 2022, the IRS issued Revenue Procedure (Rev. Proc.) 2022-34 to index the contribution percentages in 2023 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2023, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not exceed: 9.12% […]
Learn MoreOn July 25, 2022, the Department of Health and Human Services (HHS) issued a proposed rule that would revise existing regulations for the Section 1557 nondiscrimination protections under the Affordable Care Act (ACA). The proposed rule is intended to solidify protections against discrimination on the basis of sex, including sexual orientation and gender identity. About the ACA […]
Learn MorePCORI Fees Due Aug. 1, 2022 The Affordable Care Act (ACA) requires health insurance issuers and self-insured plan sponsors to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720 (Quarterly Federal Excise Tax Return). Issuers and plan sponsors are generally required to pay the PCORI fees annually […]
Learn MoreIf you did not file your 1094/1095 forms with the IRS or furnish the 1095 forms to your employees, it is important to file and furnish them as soon as possible. Get with an HR Expert to assist you in ACA reporting after the deadline.
Learn MoreThe landmark health care reform legislation enacted in March 2010 was designed to expand the availability of health insurance, reform the regulation of health coverage and restructure its delivery. A key component—and a key cause of confusion—within the ACA is the employer mandate, which requires employers with 50 or more full-time or full-time equivalent (FTE) […]
Learn MoreUpdate, January, 2022 – The deadline for ACA reporting forms to employers has been extended but with all of the busy new year HR tasks, it will be important to keep this deadline on your radar. Late or inaccurate forms could lead the IRS to notify an employer that it may be liable for a penalty […]
Learn MoreThe Internal Revenue Service (IRS) released final 2021 forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2021 Forms 1094-B and 1095-B are the forms that will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that are not applicable large employers (ALEs), to report under Section 6055. 2021 Forms 1094-C and 1095-C are the forms […]
Learn MoreFailing to comply with the ACA’s requirements can cause severe consequences for an employer. This ACA Overview (PDF) summarizes the penalties and excise taxes that may be triggered by an ACA violation. Click the document below to enlarge and print.
Learn MoreThe Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted in 2010. Since then, several changes have been made to various ACA requirements that employers and plan sponsors should be aware of. It is important for employers to periodically review their benefit plans in order to maintain compliance with these various requirements.
Learn MoreA number of changes were introduced to the health insurance marketplace with the passage of the ACA in 2010. From different reporting forms and health insurance plan requirements to the penalties imposed on employers for failing to comply with the Employer Mandate — The ACA created unique responsibilities for employers, health insurance carriers, and individuals alike. One of the ACA’s unique requirements from a reporting perspective relates to the different Forms 1095. The following information and take the confusion out of these forms.
Learn MoreIt’s not too late to prepare for ACA filing and These Resources Can Help You Prepare for 2022 ACA Reporting. 2021 Affordable Care Act (ACA) Reporting is Due in Early 2022 The IRS has released draft 2021 versions of Forms 1094-C, 1095-C, 1094-B and 1095-B that employers will use in early 2022 to report under Internal Revenue Code Sections 6055 and […]
Learn MoreThis alert is of interest to all employers that sponsor self-insured group health plans, including Health Reimbursement Arrangements (HRAs). Employers that sponsor self-insured group health plans, including health reimbursement arrangements (HRAs) should keep in mind the upcoming July 31, 2021 deadline for paying fees that fund the Patient-Centered Outcomes Research Institute (PCORI). As background, the […]
Learn MoreIRS Draft Forms For 2021 ACA Reporting Released The Internal Revenue Service (IRS) released draft 2021 forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2021 draft Forms 1094-B and 1095-B are draft versions of forms that will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that […]
Learn MoreOn May 10, 2021, the Department of Health and Human Services (HHS) issued a notice announcing that, effective immediately, it will now interpret and enforce the prohibitions on discrimination based on sex under Section 1557 of the Affordable Care Act (ACA) to include: Discrimination on the basis of sexual orientation; and Discrimination on the basis […]
Learn MoreACA Special Enrollment Period Into August President Joe Biden’s administration recently extended access to the Special Enrollment Period (SEP) for the Affordable Care Act (ACA) to Aug. 15, from the previously announced end date of May 15. This direction comes after the U.S. Department of Health and Human Services (HHS) opened this SEP for […]
Learn MoreAffordable Care Act reporting deadlines for the 2020 calendar year are due in early 2021. Learn about this, furnishing deadlines, and penalties for not meeting requirements.
Learn MoreNew administration means changes to the HR landscape Each presidential transition brings changes to the HR landscape. When President Donald Trump took office in 2016, he overturned or revised many of his predecessor’s federal regulations, a common trend between administrations of opposing parties. It is also something likely to continue under President-elect Joe Biden. With […]
Learn MoreNEW! MyHRBuzz – The Podcast In this episode, we visit with Misty Baker, Director of Compliance and Governmental Affairs for BenefitMall. We will discuss the upcoming CA vs. TX Supreme Court case and how it could potentially affect the Affordable Care Act (ACA) and healthcare going forward. Subscribe and look for more episodes soon! […]
Learn MoreFinal Forms and Instructions for 2020 ACA Reporting Released The Internal Revenue Service (IRS) released final 2020 forms and instructions for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2020 Form 1094-B and Form 1095-B (and related instructions) will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that […]
Learn MoreAffordable Care Act: 2021 Compliance Checklist The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted in 2010. Since that time, a number of changes have been made to various ACA requirements that employers and plan sponsors should be aware of. It is important […]
Learn MoreOn Sept. 18, 2020, U.S. Supreme Court Justice Ruth Bader Ginsburg passed away at the age of 87. Whether the Court vacancy created by Justice Ginsburg’s death should be filled prior to the November election is the subject of much controversy. Under federal law, the President is responsible for nominating a new Supreme Court Justice […]
Learn MoreThe Look-back Measurement Method and COVID-19 The Affordable Care Act (ACA) requires applicable large employers (ALEs) to offer affordable, minimum value health coverage to their full-time employees or possibly pay a penalty. This employer mandate is also known as the “employer shared responsibility” or “pay or play” rules. ALEs can use one of two methods […]
Learn More2020 Fees Repealed Under the Affordable Care Act On Dec. 20, 2019, President Trump signed into law a spending bill that prevents a government shutdown and repeals the following three taxes and fees under the Affordable Care Act (ACA): The Cadillac tax on high-cost group health coverage, beginning in 2020; The medical devices excise tax, […]
Learn MoreAre you up to date on the latest requirements for ACA (Affordable Care Act) Reporting? Stay compliant by learning about your responsibilities as an employer and taking next steps.
Learn MoreDoes your small business need to file ACA Forms 1094 and 1095? It depends on the kind of insurance you offer your employees.
Learn MoreThe 5th Circuit Court of Appeals recently heard arguments on a lower court’s ruling on the Affordable Care Act. Find out where the ACA currently stands and if your business needs to continue to comply with the law.
Learn MoreThe ICHRA provides employers a way to offer health care benefits to employees that do not count toward their taxable wages. The option also provides smaller employers a way to offer insurance without the administrative burden of offering a traditional medical plan.
Learn MoreThe Affordable Care Act is being challenged in court. Are small to medium businesses still required to comply with the ACA? See the latest developments.
Learn MoreDoJ Support of Federal Judge’s Ruling Leaves ACA Requirements Unchanged Despite the March 25th announcement that the U.S. Department of Justice is upholding a Texas federal judge’s ruling that the Affordable Care Act (ACA) is unconstitutional, the ACA currently remains in effect. DoJ Filing with Court of Appeals On December 14, 2018, district court judge Reed […]
Learn MoreForm 1095-C Due to Employees by March 4 All Applicable Large Employers (ALEs) must comply with 2018 Affordable Care Act (ACA) filing requirements according to Internal Revenue Service deadlines. The IRS deadline for providing 2018 health coverage 1095-C forms to employees is March 4, 2019. Other crucial ACA filing deadlines include filing Forms 1095-C and […]
Learn MoreBelieving rumors about The Affordable Care Act can be costly for grocers. For example, many companies mistakenly believed that ACA wouldn’t be enforced, but the IRS has recently started sending out penalty letters for the 2015 tax year. We have heard of penalties ranging from $40,000 to upwards of $2 million.
Learn MoreEditor’s note: HR & Benefits News is a monthly column by Chris Cooley, co-founder of MyHRConcierge and SMB Benefits Advisors. The Employer Shared Responsibility Provision of the Affordable Care Act (ACA) penalizes employers who either do not offer (healthcare) coverage or do not offer coverage which meets minimum value and affordability standards. These penalties apply to firms with […]
Learn MoreThe IRS has extended the ACA Reporting deadline for forms 1095-B and 1095-C until March 2nd, 2018. Other due dates remain the same.
Learn MoreMeet ACA Compliance Requirements for the 2017 Tax Year On October 13, 2017, the IRS stated it will not accept electronically filed tax returns for tax year 2017 filed in 2018 where the taxpayer does not address the health coverage requirements of the Affordable Care Act (ACA). In addition, returns filed on paper that do not […]
Learn MoreThe IRS anticipates notifying Applicable Large Employers, or employers that met the threshold of having to comply with the Employer Mandate, of their potential liabilities under the Employer Mandate for the calendar year 2015 in late 2017.
Learn MoreThe President signed an Executive Order with the intent to bring sweeping changes to the health insurance industry. The Executive Order focuses on three primary areas: Expanding Association Health Plans (AHP) Within 60 days from the date of the Executive Order, the Secretary of Labor shall consider proposing regulations or revising guidance to expand access to AHPs. […]
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