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The IRS recently issued draft versions of Forms 1094-B, 1094-C, 1095-B and 1095-C information returns for the 2017 tax year. The Affordable Care Act requires coverage providers to use Forms 1094-B and 1095-B to report health plan enrollment and requires applicable large employers to use Forms 1094-C and 1095-C to report about employer shared responsibility. The Forms also provide relevant information about individual shared responsibility and premium tax credits.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Affordable Care Act , ACA , 1094-B , 1095-B , 1094-C , 1095-C , information letter , IRS , Internal Revenue Service , draft , ALE , applicable large employer , Office of Chief Counsel , employer shared responsibility , individual mandate
The IRS recently released an information letter clarifying the definition of a high deductible health plan (HDHP) for purposes of HSA eligibility. In the letter, the IRS explained that to qualify as an HDHP, a medical insurance plan (i) must satisfy certain minimum annual deductible and maximum out-of-pocket expense requirements and (ii) cannot provide any benefits below the minimum annual deductible, other than preventive care benefits.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: HSA , HDHP , IRS , health savings account , high deductible health plan , Internal Revenue Service , information letter
The IRS recently released an information letter addressing the question of whether an employee who establishes and funds an HSA while enrolled in Medicare must pay a fine to the IRS.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , health savings account , IRS , information letter , Internal Revenue Service , Medicare
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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