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The President released his 4 trillion dollar federal budget proposal for 2017 on February 9, 2016. Although the Republican led Congress will likely not approve, Obama’s final budget proposal of his presidency included several tax changes for businesses and individuals, changes to the estate and gift tax, incentives for retirement savings, as well as modifications to the Affordable Care Act (ACA).
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Categories: Health Care Reform, Compliance | Tags: Affordable Care Act , Cadillac Tax , ACA , FSA
The IRS has provided guidance in Notice 2016-14 that expatriate health insurance plans are excluded from the Affordable Care Act’s (ACA’s) annual net premium fee imposed on health insurance providers under § 9010.
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Categories: Health Care Reform, Compliance | Tags: Fee , IRS , ACA
The IRS has published new versions of various publications used by tax payers to assist them in preparing their 2015 income tax returns. These also can serve as a reference for participants in health care flexible spending accounts, dependent care assistance plans and health savings accounts during the year.
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Categories: Benefits in General, Compliance | Tags: IRS , FSA , HRA , HSA
The IRS has published a new Q&A to help individuals understand the required ACA forms they may receive in preparation of their personal income tax returns. The IRS has also provided a chart to help taxpayers understand who will be getting the forms, what type and how the forms will be used for tax filing.
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Categories: Health Care Reform, Compliance | Tags: Reporting , 6055 , 6056 , IRS

Updated Q&As for Completing ACA Reporting Forms

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The IRS has published updates to the Q & As for reporting required by providers of health plans and applicable large employers (ALEs). The Q &A format will help providers and employers with some of their last minute questions, as they work to complete their required ACA reporting.
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Categories: Health Care Reform, Compliance | Tags: Reporting , 6056 , 6055 , IRS

End of Year ACA Guidance

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In mid-December, the IRS provided guidance in Notice 2015-87 applicable to a number of Affordable Care Act (ACA) provisions with references to prior guidance or clarification of prior guidance.
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Categories: Health Care Reform, Compliance | Tags: IRS , ACA , HRA , Reporting , COBRA , Health FSA , Affordable , Penalty
The IRS has provided guidance to employers that want to correct withholding taxes that were taken on post-tax contributions for Transit Benefits in 2015 prior to the announcement in late-December that the employer could provide up to $250 per month tax free to employees that elected in excess of the then pre-tax maximum of $130 per month.
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Categories: Benefits in General, Compliance | Tags: Transit , IRS

2015 and ’16 Play or Pay Penalties Adjusted

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The IRS has applied an inflationary adjustment to the penalties associated with Play or Pay for coverage offered in 2015 and again for coverage offered in 2016.
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Categories: Health Care Reform, Compliance | Tags: Penalty , Play or Pay , ALE , Full Time
Through Notice 2015-87, the IRS has adjusted the safe harbor percentage that applicable large employers (ALEs) can use to calculate the affordability of the health plan offered to a full time employee. ALEs can use 9.56% for coverage offered in 2015 and 9.66% for coverage offered in 2016.
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Categories: Health Care Reform, Compliance | Tags: ALE , 1095-C , Safe Harbor , Penalty

Extension Provided for ACA Reporting Forms

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Through IRS Notice 2016-4, the due dates for providing the 2015 information reports to individuals and the IRS under Code Sections 6055 and 6056, under the Affordable Care Act (ACA), have been extended.
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Categories: Health Care Reform, Compliance | Tags: 6055 , 6056 , 1095-B , 1095-C , IRS , Reporting
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