Podcast: The Dirty Details of ACA Reporting – Your Questions Answered
In this podcast episode, Chris Cooley talks in detail about ACA reporting, including common misconceptions, affordability details, and penalties.
Learn MoreCategory: IRS Updates
ACA Pay or Play Affordability Percentage Decreased for 2023
Last Updated on August 3, 2022 On 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 […]
Learn MoreForm 5500 Deadline Coming Up In August!
Last Updated on July 12, 2022 Form 5500 Is Due By Aug. 1, 2022 For Calendar Year Plans. The U.S. Department of Labor’s Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corp. previously announced changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of […]
Learn MoreIRS Raises Mileage Rates for Second Half of 2022
Last Updated on June 20, 2022 For the first time since 2011, the IRS has made a midyear adjustment to the optional mileage rate used to calculate the deductible costs of operating an automobile for business and other specific purposes. The agency said the change is in recognition of recent gasoline price increases. In Announcement […]
Learn MoreInflation Brings HSA/HDHP Limits Increase for 2023
On April 29, 2022, the IRS released Revenue Procedure 2022-24 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2023.
Learn MoreClaim Your Employer WOTC Federal Tax Credit
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire members of certain targeted groups. Previously scheduled to sunset at the end of 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 extends the Work Opportunity Tax Credit through the end of 2025.
Learn MoreMore Answers to Updated IRS Tax Credit FAQs
Last Updated on March 9, 2022 The ARPA suspended the requirement that taxpayers repay any excess advance payments of the premium tax credit for 2020. Highlights of this article: The IRS’ fact sheet addresses FAQs regarding filing individual tax returns that include premium tax credit issues. The FAQs detail how receiving unemployment compensation in 2020 […]
Learn MoreUpdated FAQs From IRS For Tax Credits Under FFCRA
Last Updated on March 7, 2022 The Internal Revenue Service updated its frequently asked questions (FAQs) on tax credits for paid leave under the Families First Coronavirus Response Act (FFCRA) for leave prior to April 1, 2021. Initially, the FFCRA qualified covered employers for dollar-to-dollar tax credits for amounts paid to employees who took leave for qualifying […]
Learn MoreALERT: March 2022 ACA Deadlines Are Here!
Last Updated on March 1, 2022 The 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 […]
Learn MoreDon’t Be Late. Extended 2022 ACA Deadline To Keep In Mind
Last Updated on January 4, 2022 Update, 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 […]
Learn More2022 Deadline Extension for ACA Reporting Forms To Employees
The IRS proposes regulations that would permanently extend by 30 days the deadline for employers to furnish individual statements to full-time employees that indicate whether their employer-sponsored health insurance met ACA requirements for minimum essential coverage.
Learn MoreCOBRA Deadline Extension Relief Clarification IRS Notice 2021-58
More information on the COBRA deadline extension. IRS Notice 2021-58 clarifies the application of certain COBRA deadline extensions for electing COBRA coverage and paying COBRA premiums under prior relief that was issued as a result of the COVID-19 outbreak (“Emergency Relief”).
Learn MoreUnderstanding Forms 1095A, B & C For ACA Reporting
A 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 MoreUpdate On The Extension To Employee Retention Tax Credit (ERTC)
Last Updated on September 30, 2021 New Guidance on Claiming the Employee Retention Credit Although the Employee Retention Tax Credit (ERTC) is expiring at the end of 2021, there’s still time for eligible businesses to claim the credit, if they haven’t already. The ERTC, also referred to as the Employee Retention Credit (ERC), was created by […]
Learn MorePPP Update: SBA Simplifies PPP Loan Forgiveness With New Direct Portal
Last Updated on July 29, 2021 New Direct Portal Makes PPP Forgiveness Easier The Small Business Administration (SBA) recently announced the opening of the Paycheck Protection Program (PPP) Direct Forgiveness Portal, which is intended to simplify applications for loan forgiveness for the smallest PPP borrowers. The PPP, which was created in March 2020 by the […]
Learn MorePCORI Fees Now Due August 2, 2021 Instead of July 31.
Last Updated on July 20, 2021 This 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 […]
Learn MoreSmall Businesses Should Understand Form 5500
Last Updated on June 28, 2021 Understanding Form 5500 is important to businesses with retirement plans. Among the many fiduciary responsibilities that must be reported on the Form 5500, plan sponsors must deposit employees’ salary or wage deferrals into their accounts as soon as administratively feasible, but no later than the 15th business day of the […]
Learn MoreIRS Update: ACA Forms for 2021 Reporting
Last Updated on June 30, 2021 IRS 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 […]
Learn MoreMore IRS Guidance on American Rescue Plan’s COBRA Subsidy
Last Updated on May 24, 2021 On May 18, 2021, the IRS issued Notice 2021-31, a guidance document on the American Rescue Plan Act (ARPA) subsidy for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). The Notice discusses the background of the subsidy and includes 86 questions and answers (Q&As) […]
Learn MoreIRS Issues Employer Resources on FFCRA Leave Tax Credits
Last Updated on April 26, 2021 The IRS has released new resources explaining the tax credits available for employers who opt to provide paid family leave and paid sick leave under the Families First Coronavirus Response Act (FFCRA) and the American Rescue Plan Act (ARPA) through Sept. 30, 2021. The new resources consist of a […]
Learn MoreNew Vaccination Tax Credit for SMBs
President Biden announced a paid leave tax credit for small- and medium-sized businesses. This credit will allow eligible employers to fully offset the cost of paid leave for employees to get vaccinated and recover from any after-effects of the vaccination.
Learn More2021 IRS Employee Retention Credit Changes/Updates
Last Updated on April 13, 2021 On April 2, 2021, the Internal Revenue Service (IRS) published Notice 2021-23 to provide guidance for employers claiming the employee retention credit (ERC) for the first two quarters of 2021. The ERC was originally created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and has since […]
Learn MoreIRS Extends 2021 Tax Deadlines
Last Updated on April 13, 2021 Ongoing Pandemic Affects Tax Deadline On March 29, 2021, the Internal Revenue Service issued Notice 2021-21, which extends tax deadlines for filing Form 1040 series returns and other deadlines to May 17, 2021. The Notice, issued as a result of the ongoing COVID-19 pandemic, follows a prior IRS extension […]
Learn MoreCongress Passes Extention of the PPP
Last Updated on March 30, 2021 PPP Extension moves beyond March 31. Congress has passed the PPP Extension Act of 2021, a 60-day extension of the U.S. Small Business Administration’s (SBA) Payment Protection Program (PPP), which was set to expire on March 31. The bill will be sent to President Joe Biden shortly, who is […]
Learn MorePodcast: Are You Eligible For Employee Retention Tax Credits?
Under the Consolidated Appropriations Act, 2021, the employee retention credit, a provision of the CARES Act, is available through June 30, 2021 to eligible employers who retained employees during the COVID-19 pandemic. The IRS issued guidance in early March for the credit as it relates to qualified wages paid before Dec. 31, 2020. Find out more about this in this detailed article and Podcast.
Learn MoreHouse Passes $1.9 Trillion COVID-19 Economic Relief Bill
Last Updated on March 2, 2021 (Updated information will continue to be provided as details are made public.) The House of Representatives has passed its version of President Joe Biden’s proposed stimulus bill, which includes extended unemployment benefits, direct checks to individuals and more. The bill is now with the Senate, where some provisions will […]
Learn MoreUpdated IRS FAQs on Form W-4
The IRS released a new Form W-4 on December 5, 2020. All of your employees must complete this form, the Employee’s Withholding Certificate, in order to begin employment. We answer some frequently asked questions for employers as well as employees about the new form.
Learn More2021 ACA Reporting Deadlines
Affordable 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 MorePCORI fee increases in 2021.
Last Updated on December 21, 2020 The IRS is raising the fee that insurers or self-insured health plan sponsors will pay in 2021 to fund the federal Patient-Centered Outcomes Research Institute (PCORI) trust fund. The fee will be $2.66 per plan enrollee, up from $2.54 for the 2020 plan year, according to Notice 2020-84, which the IRS […]
Learn MoreThis 2020 HR Checklist Helps End The Year In Compliance
Last Updated on November 8, 2023 See our updated HR Checklist HERE. Out with 2020, in with the new year. In many ways, the final weeks of the year can be a little less demanding for most employees—a season of office parties, celebratory staff lunches, and vacation time. However, it’s one of the busiest periods […]
Learn MoreWork Opportunity Tax Credit Available Through Dec. 31, 2020
An employer may claim the WOTC for wages paid to these individuals during their first year of employment, as long as they are hired before Dec. 31, 2020, and work at least 120 hours for the employer during that first year.
Learn MoreIRS 2021 Retirement Plan Limits
Last Updated on November 18, 2020 IRS Announces 2021 Retirement Plan Limits The Internal Revenue Service (IRS) has released Notice 2020-79, containing cost-of-living adjustments for 2021 that affect amounts employees can contribute to 401(k) plans and IRAs, most of which remain unchanged. Key limits that remain unchanged include the following: The employee contribution limit for […]
Learn MoreIRS Relief for 2020 ACA Reporting
Last Updated on October 6, 2020 Details on IRS Transition Relief for 2020 ACA Reporting On Oct. 2, 2020, the Internal Revenue Service (IRS) issued Notice 2020-76 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2020 from Feb. 1, 2021, to March 2, 2021; and Provide a final extension […]
Learn MoreOn W-2 Employers Must Report Pay for FFCRA Leave
Employers are required to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2, according to guidance from the IRS and the U.S. Treasury Department. The guidance was provided in Notice 2020-54, issued by the agencies on July 8, 2020.
Learn MoreCOVID-19 IRS Deadline Extension Form 5500
IRS Notice 2020-23 extends the Form 5500 filing deadline for ERISA-covered retirement and welfare plans that have an original or extended filing deadline on or after April 1, 2020, and before July 15, 2020. These plans have until July 15, 2020, to file their Forms 5500.
Learn MoreRinging in a New W-4 Form for 2020!
Thanks to the Tax Cuts and Jobs Act, the IRS has released a new W-4 Form for 2020 called the “Employee’s Withholding Certificate.” Learn more about the changes with the form.
Learn MoreALERT: ACA Reporting Deadlines Approaching
Last Updated on April 8, 2019 Form 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 […]
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