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Last week, the Centers for Medicare & Medicaid Services (CMS) issued the final rule (Final Rule) on Market Stabilization under the Affordable Care Act (ACA). The Final Rule aims to lower insurance premiums, stabilize individual and small group markets, reduce fraud, waste and abuse, promote continuous coverage, empower states, reduce duplication of efforts between the states and federal government and increase the number of health insurance plans and plan choices available to consumers in the M...
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: CMS , Market Stability , ACA , Affordable Care Act , AV Calculator , qualified health plan , stabilization , health insurance , Marketplace
As the April 18th income tax deadline quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, health care flexible spending accounts (HCFSA), dependent care flexible spending accounts (DCFSA) and health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HCFSA , HSA , DCFSA , 1099-SA , Form 2441 , Form 8889 , Income Tax , IRS , April 15th , W-2 , Employer-sponsored Health , Health Insurance , ACA
The Congressional Research Service (CRS) has prepared a report for Congress providing information and links regarding various Affordable Care Act (ACA) provisions.
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Categories: Health Care Reform, Compliance | Tags: ACA , CRS , Affordable Care Act , Congressional Research Service , FAQ
The IRS recently updated their website in the section “Types of Employer Payments and How They Are Calculated” that describes how to calculate employer shared responsibility payments for 2017.
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Categories: Health Care Reform, Compliance | Tags: ACA , IRS , Employer Shared Responsibility , Penalty
The U.S. Chamber of Commerce issued a statement on March 16, 2017 supporting the use of cafeteria plans and requesting that the use of cafeteria plans be opened up for self-employed individuals in an effort to promote cafeteria plan use among small businesses.
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Categories: Benefits in General, Health Care in General | Tags: self-employed , sole proprietor , partner , subchapter s , sub s , s corporation , long-term care , longevity insurance , cafeteria plan
On April 4, 2017, the DOL officially announced that it would delay the effective date of the new fiduciary rules and related prohibited transaction exemptions until June 9, 2017.
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Categories: | Tags: fiduciary , fiduciary rules , DOL , prohibited transaction exemptions , Department of Labor
Although April 10, 2017 is fast approaching, the DOL has still not finalized its proposed extension to the effective date of the new fiduciary rules. To defray mounting concern, confusion and uncertainty among financial services institutions and investors, the DOL and IRS have issued temporary policies relating to the proposed delay of the new fiduciary rules and related prohibited transaction exemptions.
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Categories: Compliance | Tags: fiduciary rules , IRS , DOL , Field Assistance Bulletin No. 2017-01 , Announcement 2017-4 , fiduciary
As reminder, the new version of the SBC, uniform glossary, and related documents are required for use on or after April 1, 2017.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: SBC , HRA , ACA
Late on Friday March 24, 2017, facing certain defeat in the House of Representatives, President Donald Trump asked Speaker Paul Ryan (R-Wis) to pull the legislation rather than see it defeated in the House.
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Categories: Health Care Reform | Tags: AHCA , GOP , Health Care Reform , Ryan , Trump
The IRS recently released an information letter addressing the treatment of cafeteria plan forfeitures when an employer ceases operations and the plan terminates. Specifically, the letter clarifies that Section 125 of the Internal Revenue Code does not require that unused cafeteria plan funds be paid to the U.S. Treasury in these circumstances. How unused funds are disposed of when a plan terminates depends on what the plan document provides and the facts and circumstances at the time.
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Categories: Benefits in General, Compliance | Tags: cafeteria plan , forfeitures , irs , information letter , health fsa , flexible spending account , Section 125
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