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Updated Publications for Medical Expenses, Dependent Care and HSAs

posted on 1/27/2016 2:03:00 PM
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

Updated Q&A for Individuals Receiving ACA Reporting Forms

posted on 1/19/2016 1:39:00 PM
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

posted on 1/19/2016 1:33:00 PM
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

posted on 1/14/2016 11:30:00 AM
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

Guidance for Retroactive Transit Benefit Correction

posted on 1/13/2016 9:47:00 AM
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

posted on 1/11/2016 2:18:00 PM
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