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The IRS has published a guide for electronically filing the required Affordable Care Act (ACA) Information Returns (AIR). Regulation requires electronic filing of the forms if the “transmitter” will be filing 250 or more forms. Other transmitters can voluntarily submit their required forms electronically. The AIR filings are to comply with the Sections 6055 and 6056 reporting obligations.
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Categories: Health Care Reform, Compliance | Tags: IRS , Reporting , 1094 , 1095 , ACA , 6055 , 6056

IRS Issues Draft Instructions for ACA Reporting

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The IRS has issued draft instructions for completion of the Forms 1094 and 1095 that are to be provided in early 2016 for health coverage enrolled in or offered in 2015.
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Categories: Health Care Reform, Compliance | Tags: 1094 , 1095 , Reporting , IRS , Forms

IRS’ Health Care Tax Tips for Employers

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The IRS has published a tax tips table that provides useful information for employers, based on size, regarding what employers need to know about the Affordable Care Act.
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Categories: Health Care Reform, Compliance | Tags: IRS , Report , 6055 , 6056 , Penalty , SHOP

Additional Cadillac Tax Guidance Issued

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Late last week, the IRS issued Notice 2015-52 which provides insight to how the regulators foresee applying the Cadillac Tax, who pays the tax and how the total cost of health coverage is calculated. In addition, the guidance requests comments on the issues raised in the Notice by October 1, 2015; prior to the final rules being promulgated.
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Categories: Health Care Reform, Compliance | Tags: Tax , Cadillac , Coverage , Cost
The IRS has published a series of informational pieces regarding the reporting required of insurers and employers for the medical coverage offered to employees, under Code Sections 6055 and 6056 – the Affordable Care Act Information Returns (AIR).
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Categories: Health Care Reform, Compliance | Tags: Reporting , IRS , 6055 , 6056
The Small Business Healthcare Relief Act has been reintroduced in the House and Senate. If passed and signed by the President, the Bill would allow small employers, those with fewer than 50 full time equivalent employees, to pay for or reimburse their employees for the purchase of individual medical insurance through a health reimbursement arrangement (HRA).
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Categories: Health Care Reform, Compliance | Tags: IRS , Penalty , Individual
The penalties for not providing timely and/or accurate section 6055 or section 6056 reporting of health coverage were recently increased when President Obama signed the Trade Preferences Extension Act of 2015. The penalties will apply for reports that need to be provided in early 2016 for coverage offered or provided in 2015.
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Categories: Health Care Reform, Compliance | Tags: 6055 , 6056 , Penalty , IRS , Reporting

Health Care Tax Credit (HCTC) Program Restored

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Last week, President Obama signed the Trade Preferences Extension Act of 2015 that restored the Trade Adjustment Assistance (TAA) and Alternative Trade Adjustment Assistance (ATAA) programs, including the HCTC program, aimed at assisting employees that lose jobs due to foreign competition.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HCTC , Subsidy

Almost all HRAs Owe PCOR Fee by July 31

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Health reimbursement arrangements (HRAs) a self-insured group health plans. The employer-sponsor of an HRA is required to pay the PCOR fee for the HRA plan year that ended in 2014 no later than July 31, 2015. The only HRAs that do not owe the fee are those that only reimburse dental or vision expenses or HRAs that are integrated with the employer’s self-insured group medical plan.
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Categories: Health Care Reform, Compliance | Tags: PCOR , Fee , IRS
With the Supreme Court’s decision, last week, in King v. Burwell that the Obamacare subsidies are available nation-wide, the section 6055 and 6056 plan reporting required of insurers and employers is here to stay. Because plan reporting is used by the IRS to assess tax penalties on individuals and/or employers as a means of recouping subsidy expenditures, any speculation that the plan reporting requirements would be postponed or eliminated was put to rest.
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Categories: Health Care Reform, Compliance | Tags: 6055 , 6056 , Reporting , Subsidies , 1095-B , 1094-B , 1095-C
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