BAS Blog


 

Question of the Week

Q.- An employee elected to contribute $2500 to his health FSA and $2000 to his dependent care FSA. He sees that he is not having medical expenses this year. Can he transfer some funds from his health FSA to his dependent care FSA? 

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Department of Labor Offers Resources for Employers

The Department of Labor offers many helpful resources for employers, both large and small. Many of those resources are consolidated on the Department’s web page, which can be accessed by clicking here. 

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Final Forms 1094 and 1095 and Instructions Released

The IRS released final Forms 1094-B/C and 1095-B/C along with final instructions. Employers will use these forms to meet their 2015 health care reform reporting obligations. The B series of forms are used by health care providers, including insurers and self-funded small employers. The C series of forms are filed by applicable large employers (employers with 50 or more full-time or full-time equivalent employees). 

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Question of the Week

Q.-We are using the lookback method to determine our full-time employees. Is there a set measurement period that we have to use? 

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Mandated Sick Leave for Employees of Federal Contractors

Last week, President Obama issued an Executive Order mandating paid sick leave for workers of federal contractors. The Order applies to federal contracts effective on or after January 1, 2017. 

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Reporting Taxpayer Identification Numbers

Under Health Care Reform, a health coverage provider, including an employer that provides self-insured health coverage, must report to the IRS certain items, including a taxpayer identification (TIN) number for all covered individuals. The TIN (usually the Social Security Number) is required for the IRS to verify an individual’s coverage. 

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Question of the Week

Q.- An employee was eligible for coverage under our health plan August 1. She terminated employment July 31 prior to her effective date of benefits.  We enrolled her effective August 1, even though she should not have been enrolled. We can only terminate her coverage effective September 1. Does she have to be offered the right to continue her coverage under COBRA, even if she should never have been covered in the first place? 

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Identity Protection Services Not Included in Income

The IRS issued an announcement holding that the value of identity protection services provided by an employer to an employee whose information has been breached does do not have to be included in income.  

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Change in Minimum Value Rules

The IRS re-proposed and withdrew its prior guidance on determining minimum value for health care reform purposes. 

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Question of the Week

Q.  We offer a cafeteria plan and allow employees to pay for health coverage on a pre-tax basis. Do employees have to sign a new salary reduction agreement each year? 

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Medicare Part D Creditable Coverage Notices

Employers should distribute their Medicare Part D Creditable Coverage Notices by October 15. 

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Counting Hours of Service

Employers who are preparing for health care reform compliance have two options for counting their employees’ hours for determining eligibility for health coverage. Employees who work 30 or more hours per week (130 or more hours for month) are considered full-time equivalent employees and must be offered affordable health coverage that meets minimum value. 

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