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Tax Reform Proposal Updates

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The House released its tax reform proposal titled the “Tax Cuts and Jobs Act” (H.R. 1) late last week. This week the Ways and Means Committee has held a series of hearings to offer debate and amendments to the original proposed bill. As of late Thursday afternoon, the Ways and Means Committee has approved the Republican version of the bill that included Chairman’s Amendment #2 restoring some of the provision set for repeal in earlier versions.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Tax Reform , Ways and Means , House , Tax Cut and Jobs Act
The IRS has updated the Q&A on the employer mandate to include new information on the notices that will be sent to employers over the next few weeks regarding any potential penalties for the 2015 reporting year.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , Letter 226J , ACA , Employer shared responsibility , ALE , Employer penalties , 1094-C , 1095-C

IRS Releases QSEHRA Guidance

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Yesterday, the Internal Revenue Service (IRS) released Notice 2017-67, which provides Q & A guidance on Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs). QSEHRAs were established under the 21st Century Cures Act enacted on December 13, 2016.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: QSEHRA , IRS , Qualfied Small Employer HRA
Despite recent Presidential Executive Orders and Congressional attempts to repeal and/or replace the Affordable Care Act, the Internal Revenue Service has taken action in recent months to remind employers and individuals that reporting about health insurance coverage is still required and is being more closely monitored.
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Categories: Health Care Reform, Compliance | Tags: IRS , ACA , reporting , pay-or-play , individual mandate , health insurance

IRS Announces 2018 Pension Plan Limitations

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Last week, the IRS issued Notice 2017-64 announcing the cost of living adjustments for pension plans and other retirement-related items for the tax year 2018.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , Pension , Highly Compensated , Key Employee , 401(k) , 2018 limits , IRA
Today the IRS announced under Revenue Procedure 2017-58, the 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Included in the announcement is the inflation adjusted 2018 limits for health flexible spending accounts (FSAs) under an IRC §125 cafeteria plan and the Parking and Transit account limits under an IRC §132 Transportation Plan.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Health FSA Limit , 2018 , Transit , Parking , Transportation Plan Limits , IRS , Revenue Procedure , RP 2017-58
The Department of Labor, Department of Health and Human Services and Internal Revenue Service recently issued joint interim final rules that significantly expand the types of entities that can claim an exemption from the Affordable Care Act’s requirement to provide certain contraceptive coverage without cost-sharing.
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Categories: Health Care Reform, Health Care in General | Tags: contraceptive , moral , religious , exemption , DOL , IRS , Health and Human Services , HHS , DHHS , Affordable Care Act , ACA , contraceptives

Cost-Sharing Reduction Payments to Be Discontinued

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On October, 12, 2017, the White House announced that cost-sharing reduction payments to insurance companies providing ACA Marketplace plans would be discontinued immediately.
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Categories: Health Care Reform, Health Care in General | Tags: cost-sharing reduction , Trump , Administration , white house , ObamaCare , ACA , Affordable Care Act , health insurance , exchange , marketplace , insurance
On October 12, 2017, President Donald J. Trump signed an executive order directing the Departments of Treasury, Labor and Health and Human Services to consider proposing regulations or revising guidance that would affect certain types of health insurance plans and health reimbursement arrangements.
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Categories: Health Care Reform, Health Care in General | Tags: Trump , President , Executive Order , HRA , AHP , health plan , insurance , ACA , White House , STLDI , Treasury , Labor , HHS , Health and Human Services

IRS Announces New PCOR Fee

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IRS Notice 2017-61 provided the updated dollar amount to be used to calculate the PCORI fee for health plan policy and plan years that end on or after October 1, 2017 and before October 1, 2018. This includes 2017 calendar year plans, and the updated fee amount is $2.39 per covered life.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: PCOR , 720 , IRS , ACA
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