BAS Blog


 

IRS Issues Guidance on Understanding Letter 227

The IRS has been notifying employers of penalty assessments for non-compliance with the Employer Shared Responsibility Provisions of the Affordable Care Act. ACA requires applicable large employers (ALEs) to offer their full-time employees affordable, minimum essential coverage or pay a tax penalty.

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ACA PCORI Fee due July 31, 2018

The Affordable Care Act created the Patient-Centered Outcomes Research Institute (PCORI) to improve the quality of health care and provide information to help consumers make informed health care decisions. Most health plans must pay an annual fee to fund PCORI research. An exception is made for stand-alone dental or vision plans, EAPs, wellness programs, plans for employees outside of the U.S., HSAs, and almost all HRAs and FSAs.  Click here for a chart explaining the types of plans that must pay the PCORI fee. The next PCORI fee is due July 31, 2018.

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Pending Dependents in MyEnroll

MyEnroll.com offers employers a way to “pend” a dependent in the system to obtain documentation of dependent status before enrolling the dependent for coverage. This feature allows employers a method of confirming that they are covering only those individuals eligible for benefits under the terms of their plans.

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Increase to ACA Affordability Percentage

The IRS announced a change to the ACA affordability threshold for 2019.

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ACA Coverage for Emergency Services

The Departments of Labor, Health and Human Services and Treasury issued a notice of clarification to explain the Department’s position on the coverage of emergency services by non-grandfathered group health plans under the Affordable Care Act.

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Options for Determining Full Time Status

An applicable large employer must offer its full-time employees affordable health coverage or pay a penalty. Employers have two options for counting their employees’ hours to determine full-time status.

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Final Rule Scales Back ACA

The Centers for Medicare and Medicaid Services issued a final notice last week further diminishing the individual mandate and essential health benefits under the Affordable Care Act. 

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ACA Compliance Continues

Now that employers have completed their 2017 Affordable Care Act reporting obligations, they should turn their attention to 2018 ACA compliance. Applicable Large Employers must continue to offer affordable health coverage to their full-time employees or face tax penalties.

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Form 1040 Individual Tax Return Health Care Disclosures

The Affordable Care Act requires almost all individuals to have minimum essential health coverage, qualify for an exemption, or pay a tax penalty. Individuals must disclose on their income tax returns if they have the required health coverage.

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IRS Form 1094 Electronic Transmission Due

Applicable Large Employers (employers with 50 or more full-time equivalent employees) should have completed their employee shared responsibility form distribution reporting for the 2017 plan year. IRS 1095 forms were required to be furnished to full-time employees and covered employees by March 2, 2018.

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