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Posts Tagged ‘IRS’

Understanding the ACA Employer Mandate Part 1

Repeal ACA, replace ACA, repair ACA or just leave it alone? While the lawmakers debate, employers are left with a lot of confusion. As of right now, the ACA, including the employer mandate, remains in place and all the compliance rules still apply. Nearing year-end and your 2017 tax reporting, this would be a good […]

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Employers hoping for a filing extension for 1095-Cs likely to be disappointed

In a recent statement from the IRS, it is clear that they have stepped up enforcement of Affordable Care Act regulations. The recent statement reverses a prior practice of accepting individual tax returns which omitted information related to health insurance coverage on line 61 of tax Form 1040. For 2017 tax forms, this information will […]

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2017 Draft Instructions for Forms 1094-C & 1095-C Released

On September 7th, 2017, the IRS released a draft of the instructions for completing forms 1094-C and 1095-C used by employers to comply with the Affordable Care Act (ACA) reporting requirements to employees and the IRS. Individuals responsible for completing these forms will surely appreciate that there were very few changes identified for 2017 reporting. […]

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The ACA Employer Mandate – a refresher PART 2

All the recent activity around ACA repeal/ replace has created a lot of confusion for employers. The net outcome of this has been…nothing. The ACA - including the employer mandate – stands, at least for 2017. With 2017 tax reporting coming up, now is a good time to recap what the penalties are if employers […]

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The ACA Employer Mandate – a refresher PART 1

All the recent activity around ACA repeal/ replace has created a lot of confusion for employers. The net outcome of this has been…nothing. The ACA - including the employer mandate – stands, at least for the foreseeable future and definitely for 2017. With 2017 tax reporting coming up, now is a good time to recap […]

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IRS will not waive penalties for employer mandate under ACA

In a series of information letters, the IRS has clearly indicated that it won’t waive employer mandate penalties under the Affordable Care Act. For example, in a letter from the IRS to House Representative Bill Huizenga dated April 14, 2017 related to a question from an applicable large employer, it was made clear that the […]

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I thought the ACA was getting repealed … what happened?

Just a couple months ago, you could not watch any major news show without at least some of the show being dedicated to the repeal and replacement efforts of the Affordable Care Act. However, since the passage of the American Healthcare Act (AHCA) by the House of Representatives in early May, the topic of healthcare […]

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ACA Penalties Are Coming

The political climate what it is, many employers have been holding out hope for penalty relief for not offering coverage, not offering affordable coverage and for not filing the necessary ACA forms with the IRS. The most recent legislation that was pulled for consideration in the House of Representatives would have provided relief to employers […]

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Are Employer Reporting Requirements Going Away With Repeal & Replace?

Many employers are hanging their hat on the employer reporting requirements (i.e. Form 1095-C) going away under the changes proposed by the Trump Administration. The current legislative proposal in the American Healthcare Act (AHCA) repeals the employer mandate to offer coverage. So under this proposal, the employer doesn't need to report information to the IRS […]

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Does the good-faith effort reprieve from penalties apply to forms for 2016 filed in 2017?

As employers continue to work through the challenges of complying with the Affordable Care Act, professionals in the industry are reticent to accept anything less than perfection when dealing with IRS regulations. Why? To alleviate any concern about potential penalties due to non-compliance down the road. In Notice 2016-70 dated December 5, 2016, the IRS […]

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