To maintain their deterrent effect each year, the Federal Civil Penalties Inflation Adjustment Act of 1990, requires the Department to annually adjust its civil monetary penalty levels for inflation no later than January 15th. The Department of Labor (DOL) has released its 2021 inflation-adjusted civil monetary penalties that may be …
Affordable Care Act (ACA) reporting deadlines are approaching soon under Section 6055 and Section 6056 for the 2020 calendar year. Reporting entities must: File returns with the Internal Revenue Service (IRS) by March 1, 2021. If filing electronically, the deadline to file returns is March 31, 2021; and Furnish statements …
The Department of Health and Human Services (HHS) has published its proposed Notice of Benefit and Payment Parameters for 2022. The proposed rule describes benefit and payment parameters under the Affordable Care Act (ACA) that would be applied to the 2022 benefit year. The rule also implements a limited number …
On December 11, 2020, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury announced a final rule that provides greater flexibility for grandfathered plans under the Affordable Care Act (ACA). The final rule succeeds a proposed rule that was issued in July 2020. What is a …
The Internal Revenue Service (IRS) recently issued a letter stating that employees may apply unused commuter transit benefit amounts to parking benefits in certain circumstances. The letter was presented in response to a question from an employee who, due to COVID-19, opted to drive to work instead of using public …
The Affordable Care Act (ACA) imposes a fee on health insurance issuers and plan sponsors of self-insured health plans to help fund the Patient-Centered Outcomes Research Institute (PCORI). The PCORI fee was originally scheduled to expire for plan or policy years ending on or after October 1, 2019. However, a …
Since COVID-19 was declared a public health emergency, Operation Warp Speed has been working towards producing and delivering 300 million doses of safe and effective vaccines. According to the Centers for Disease Control and Prevention (CDC), multiple COVID-19 vaccines are currently being developed; which means additional coverage may be necessary …
The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health flexible spending accounts, or FSAs, offered under cafeteria plans. For 2020, the health FSA limit on employees’ pre-tax contributions increased by $50 — from $2,700 to $2,750. On October 27, 2020, the Internal Revenue …
The Internal Revenue Service (IRS) has released final forms and instructions for 2020 ACA reporting under Internal Revenue Code Sections 6055 and 6056. Prior to finalizing, draft forms were released this past July, with additional revisions made this month to both the forms and instructions. The final forms and instructions …
The Affordable Care Act (ACA) created reporting requirements under Code Sections 6055 and 6056. These rules require certain employers to provide information to the Internal Revenue System (IRS) about the health plan coverage they either offer, do not offer, or provide to their employees. Draft Forms for 2020 reporting were …
As of October 7th, hospitals will have 14 weeks to comply with the U.S. Department of Health and Human Services’ (HHS) requirement of including data elements about influenza patients to their daily COVID-19 reporting. According to Centers for Medicare and Medicaid Services (CMS) Administrator, Seema Verma, hospitals will be receiving …
Last Friday, the Internal Revenue Service (IRS) issued Notice 2020-76 to: Extend the due date for furnishing 2020 forms under Section 6055 and 6056 from February 1, 2021 to March 2, 2021; Provide a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 …
On September 24, 2020, President Trump issued an executive order that outlines a new plan for affordable, high-quality healthcare. The America First Healthcare Plan is aimed at protecting individuals with preexisting conditions and giving them access to care they can afford. The order directs the Departments of Health and Human …
On September 18, 2020, U.S. Supreme Court Justice Ruth Bader Ginsburg passed away at the age of 87. The loss of Justice Ginsburg has shaken the country and has led to a flood of questions regarding what comes next for the Court and the Affordable Care Act (ACA). Whether the …
On September 13, 2020, President Donald Trump signed an executive order that aims to lower drug costs for Medicare recipients. The action comes nearly two months after the President signed a separate order, which directed the Secretary of Health and Human Services (HHS) to take necessary steps to deliver lower …
