BAS Blog


 

Question of the Week

Q.- What does it mean when a child must be covered until Age 26?

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Form 5500 Released

The U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation jointly released copies of the 2019 Form 5500 forms. The forms are used to report information on retirement plans and health plans with more than 100 participants.

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Final 1094-B/C and 1095-B/C Forms and Instructions

The IRS has released final 1094-B/C and 1095-B/C Forms and Instructions for 2019. The Forms and Instructions will be used for completing 2019 tax year health care reform reporting.

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Question of the Week

Q.- We have a full-time employee who works for two different employers with different Employer Identification Numbers within our controlled group. How do we handle his ACA reporting?

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Natural Disasters and Employee Pay

As we move into the colder months, employers may have questions about employment and wages during natural disasters.

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New Guidance on ACA Reporting

On December 2, 2019 the IRS extended a key Affordable Care Act deadline - the due date for furnishing the 2019 Form 1095-B and Form 1095-C. The IRS also extended relief from penalties for errors on 2019 Forms 1094-B/C and Forms 1095-B/C if the entity made a good-faith effort to comply with the information reporting requirements.

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Question of the Week

Q.- Do we have to make sure all of our employees actually have health coverage, or may we allow employees to waive coverage at open enrollment?

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Government Benefits Finder

Benefits.gov is an online resource that helps people find federal benefits. The resource is a cross-governmental collaboration between many federal agencies. It is intended to be a single source of benefit information to help Americans understand which benefit programs they may be eligible for and how to apply. The website may be accessed by clicking here.

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New SBC Template

The Centers for Medicare & Medicaid Services (CMS) of the U.S. Department of Labor released materials and supporting documents for a new Summary of Benefits and Coverage (SBC). The new documentation must be used for plan years beginning on or after January 1, 2021.

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Individual HRAs and Health Care Reform

Earlier this year, rules were issued expanding health reimbursement arrangements (HRAs) in the individual market. HRAs are employer-funded accounts that employees may use to pay for medical expenses, including health insurance premiums. It was clarified that employees may use HRA amounts to purchase individual insurance policies outside of the workplace. These “individual coverage HRAs” allows employees to use tax-free employer dollars to buy individual health insurance. HRA funds are tax free to employers and employees, which means individual HRAs give the same tax benefits as traditional employer-sponsored group health plans.

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