Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code 6055 or 6056 have reporting deadlines in early 2023. Employers with self-insured health plans and applicable large employers (ALEs) with fully insured or self-insured health plans are subject to ACA reporting. ALEs are typically employers with 50 or …
PCORI Fees Deadline Approaching
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 is calculated based on the average number of lives covered under a policy or plan and is paid annually …
Draft Forms for 2021 ACA Reporting Released
Over the years, the Affordable Care Act (ACA) has created reporting requirements under Code Sections 6055 and 6056. These rules require certain employers to provide information to the Internal Revenue Service (IRS) about the health plan coverage they either offer, do not offer, or provide to their employees. 2021 Draft …
DOL & IRS ARPA FAQs Released
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law. It provides a 100% subsidy of applicable COBRA premiums for eligible beneficiaries and their dependents, for the time period beginning April 1, 2021 and ending no later than September 30, 2021. COBRA …
IRS Extends HSA 2020 Contribution Deadline
On March 29, 2021, the Internal Revenue Service (IRS) issued Notice 2021-21, which extends tax deadlines to May 17, 2021 for individuals filing Form 1040 series returns and making 2020 IRA and HSA contributions. This decision follows a previous announcement from the IRS declaring that the federal income tax filing …
Guidance for Health FSA & DCAP COVID-19 Relief
The Internal Revenue Service (IRS) has released a notice intended to clarify the application of temporary special rules for health flexible spending accounts (FSAs) and dependent care assistant program (DCAP) accounts under the Consolidated Appropriations Act, 2021 (CAA). Health FSAs and DCAPs are accounts individuals can make pre-tax contributions to, …
IRS Provides Additional Codes for Individual Coverage HRAs Under Section 6056
For plan years beginning on or after January 1, 2020, employers may offer HRAs integrated with individual health insurance coverage or Medicare, subject to certain conditions. The Internal Revenue Service (IRS) recently provided two additional codes from Code Series 1 that can be used on Form 1095-C, line 14, for …
2021 ACA Reporting Deadlines Are Approaching
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 …
Final Forms & Instructions for 2020 ACA Reporting Released
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 …
Draft Instructions for 2020 ACA Reporting Released
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 …
Transition Relief for 2020 ACA Reporting
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 …
U.S. Supreme Court to Hear ACA Challenge After Election Day
The Supreme Court will hear arguments challenging the constitutionality of the Affordable Care Act (ACA) one week after Election Day – on November 10, 2020. This will be the third time the Supreme Court has reviewed the ACA’s constitutionality since the law’s tenth anniversary of enactment in 2010. Background Back …
Draft Forms for 2020 ACA Reporting Disclosed
On July 13, 2020, the IRS released 2020 draft Forms 1094-C and 1095-C. The drafts will be used by applicable large employers (ALEs) to report under Section 6056, as well as combined sections 6055 and 6056 for ALEs who sponsor self-insured plans. Draft instructions for Forms 1094-C and 1095-C have …
ACA Reporting Deadlines Are Approaching
Affordable Care Act (ACA) reporting deadlines are approaching soon under Section 6055 and Section 6056 for the 2019 calendar year. Reporting entities must: File returns with the Internal Revenue System (IRS) by February 28, 2020 if filing on paper (or March 31, 2020 if filing electronically); and Furnish 2019 Forms …
Final Forms for 2019 ACA Reporting Have Been Released
On December 9, 2019, the IRS released final 2019 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056. These forms and instructions require certain employers to provide information to the IRS about their health plan coverage. While similar to the 2018 versions, it is important to …
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