The IRS released the 2024 penalty amounts regarding the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For the 2024 calendar year, Penalty A will be $2,970 (an increase of $90 per employee from 2023). Penalty B will be $4,460 (an increase of $140 per …
Revenue Procedure (Rev. Proc.) 2022-34 was released on August 1, 2022, by the IRS. This documents the contribution percentages for 2023 in order to determine the affordability of an employer’s plan under the Affordable Care Act (ACA). Shared responsibility, or pay or play rules, require applicable large employers (ALEs) to …
The IRS recently released a proposed rule to extend the annual furnishing deadlines for Sections 6055 and 6056 reporting under the Affordable Care Act (ACA). The new rule would extend the due date for furnishing statements to individuals under Sections 6055 and 6056 by 30 days from January 31 each …
On January 31, 2020, the Department of Health and Human Services (HHS) published its proposed Notice of Benefit and Payment Parameters for 2021. The proposed rule explains the benefit and payment parameters under the Affordable Care Act (ACA). If finalized, the provisions included in the proposed rule would apply for …
Not only did the Further Consolidated Appropriations Act, signed into law on December 20th, repeal three taxes under the Affordable Care Act; the law also extends payment of PCORI fees for the next ten years (2020 through 2029). The ACA created the Patient-Centered Outcomes Research Institute (PCORI) to help patients, …
On Friday, December 20th, President Trump signed H.R. 1865 into law, the Further Consolidated Appropriations Act of 2020, which included a full repeal of three taxes originally imposed by the Affordable Care Act (ACA): Repeal of the Cadillac Tax beginning in 2020, which would have imposed a 40% excise tax …
On December 2, 2019, the Internal Revenue Service (IRS) issued Notice 2019-63 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2019 from January 31, 2020 to March 2, 2020; Extend good-faith transition relief from penalties related to 2019 information reporting under Sections 6055 and …
Every year employers that sponsor group health plans are subject to numerous reporting and disclosure requirements. Not all compliance requirements will apply to every employer, but group health plan sponsors should familiarize themselves with health plan compliance deadlines. For non-calendar year plans, these deadlines will need to be adjusted to …
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 System (IRS) about the health plan coverage they either offer, don’t offer, or provide to their employees. 2019 Draft Forms …
On November 8, 2019, the Department of Labor (DOL) and Health and Human Services (HHS) issued an updated template and related materials for the Summary of Benefits and Coverage (SBC). The following updated materials must be used for plan years beginning on or after January 1, 2021: SBC Template, Uniform …
On July 23, 2019, the IRS issued Revenue Procedure 2019-29 to index the contribution percentages in 2020 for determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2020, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage …
The Affordable Care Act (ACA) requires applicable large employers (ALEs) to offer affordable, minimum value health coverage to their full-time employees in order to avoid possible penalties. Because this employer mandate has been criticized as burdensome for employers and an impediment to business growth, it seems likely that its repeal …
On May 5, 2017, the Internal Revenue Service (IRS) issued Revenue Procedure 2017-36 to index the contribution percentages in 2018 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2018, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does …
Interesting times…. The Affordable Care Act (“ACA”) and its volumes of regulations have been the law of the land since 2010. Implementation was sometimes messy (the exchange websites), confusing (1095-C coding), and unreliable (late December extensions of filing deadlines). However, it is the law, and employers have spent billions of dollars to …
At Creative Benefits, helping employers with Affordable Care Act (ACA) reporting is a top priority. During these early days of the ACA, employers have a steep learning curve. Creative Benefits consultants support clients as they learn how to comply with the new laws and help avoid common potholes. To that …
