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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
The Supreme Court’s ruling, last week, in Obergfell v. Hodges that same sex marriage is a constitutional right nation-wide has immediate impact in the fifteen states that had not been recognizing same sex marriage and has implication for the future of domestic partner coverage that has been common place in many employers’ health plans.
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Categories: Benefits in General, Compliance | Tags: same sex , Windsor , IRS

Obamacare Subsidies Upheld

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In a 6-3 ruling, the Supreme Court ruled in favor of the Obama administration that subsidies are available for coverage purchased through a federally facilitated exchange, as well as exchanges established by a state.
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Categories: Health Care Reform, Compliance | Tags: Exchange , Subsidy
The IRS has published new draft forms for insurers or employers to use when providing the required reporting under Code Sections 6055 and 6056. The draft forms allow the insurer or employer to see what information is necessary to report and to have processes and procedures in place to collect the necessary information to comply with the required reporting in early 2016 for coverage offered or provided in 2015.
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Categories: Health Care Reform, Compliance | Tags: 1095-B , 1095-C , IRS , Report , 6055 , 6056

Transition Relief Running Out for Small Employers

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Small employers that have continued to reimburse or pay for their employees’ individual medical plan premiums must stop doing so no later than June 30, 2015 or face severe excise tax penalties. The transitional relief granted by the IRS for doing so expires at the end of this month.
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Categories: Health Care Reform, Compliance | Tags: IRS , Relief , Employer , Individual , Premium
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