Archive by month: 2015-7Return
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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