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The IRS recently announced in Notice 2018-06 that it has extended the 2018 deadline for insurers, self-insured employers, other coverage providers and applicable large employers to provide Forms 1095-B and 1095-C to individuals who received health insurance coverage in 2017. These Forms, which are required by the Affordable Care Act (“ACA”), must now be provided to individuals by March 2, 2018, instead of January 31, 2018. Notice 2018-06 also provides relief from penalty payments under the A...
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Categories: Health Care Reform, Compliance | Tags: Affordable Care Act , ACA , 1095-B , 1095-C , health insurance , IRS , Notice 2018-06 , relief , penalty , good faith

GOP Passes Tax Reform

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After months of debate on tax reform, today the House by a by a vote of 224-201, passed the “Tax Cuts and Jobs Act” (H.R. 1) to overhaul the tax code. The bill now heads to the White House where President Trump says that he will sign it into law. We anticipate that the bill will be signed before Christmas.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Tax Reform , GOP , Depedent Care Flexible Spending Accounts , Transportation Plans , Bicycling Benefit , Transit , Parking , Education Assistance , Adoption Assistance , IRS , Individual Mandate , ACA , Cadillac Tax
The IRS issued Notice 2018-03, announcing the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , Medical , Mileage , Charitable , Business , 2018 Limits
The IRS has released two new forms that will be included with the new Letter 226J. This latest release by the IRS is in preparation of the Code § 4980H employer shared responsibility penalties against applicable large employers (ALEs) for 2015.
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Categories: Health Care Reform, Compliance | Tags: IRS , Form 14764 , Form 14765 , ACA , ALE , Letter 226J , Penalty , Employer Shared Responsibility
The DOL recently announced employee benefit plan compliance guidance and relief for victims of Hurricane Maria and the October 2017 California wildfires.
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Categories: Compliance | Tags: DOL , Hurricane Maria , Puerto Rico , California , wildfires , ERISA , guidance , IRS , COBRA , relief , employee benefit plans , benefit plans , benefits , victims , Form 5500 , Hurricane , Maria
The DOL, IRS and the Pension Benefit Guaranty Corporation recently released advance informational copies of the 2017 Form 5500 series, including Form 5500-SF, schedules, and instructions.
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Categories: Compliance | Tags: Form 5500 , DOL , IRS , PBGC , 2017 , Form 5500-SF , EFAST , Schedule MB
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
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