House Passes AHCA Bill in First Step to Repeal and Replace the ACA

On May 4, 2017, the U.S. House of Representatives passed the “American Health Care Act of 2017” or “AHCA,” which will now be sent onto the Senate. Employers should not take any actions based on the current language and instead continue to monitor the inevitable ongoing iterations of the bill. The major provisions in the

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Employer Provisions Contained In The Obamacare Replacement Bills Introduced In Congress

Below are some updates on the employer provisions contained in the Obamacare replacement bills introduced in Congress. Please contact your Somerset advisor at info@somersetcpas.com if you have any questions. Repeals the ACA’s taxes with an effective date of 2018 and beyond. Repeal of the “employer mandate” penalty tax retroactive to 2016. Imposes a reporting requirement on employers.

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Qualified Small Employer Health Reimbursement Arrangements Notice Delayed By Notice 2017-20

Under the Cures Act, Qualified Small Employer Health Reimbursement Arrangements (QSEHRA) in place on January 1, 2017 were required to provide a notice no later than March 13, 2017 (i.e., 90 days after enactment of the Cures Act). However, the IRS has not yet published regulations or other guidance governing the operation of these arrangements.

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Affordable Care Act Update: Extension Of Transitional Policy Through Calendar Year 2018

Centers for Medicare & Medicaid Services have announced a one-year extension to the transition policy (originally announced November 14, 2013 and extended several times since) for individual and small group health plans that allows issuers to continue policies that do not meet ACA standards. These transitional rules originally came about due to backlash relating to

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Executive Order Issued By President Trump

President Trump has issued an Executive Order intended to minimize the economic and regulatory burdens of the Affordable Care Act (“ACA”). Please note the order has NO immediate effect on employers, many of whom are in the process of complying with the ACA’s annual reporting requirements (Forms 1094 and 1095), which are NOT rescinded by

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Congress Passes Law Expanding use of HRAs by Small Employers

On December 7, 2016, the Senate passed the 21st Century Cures Act (“Cures Act”), which significantly expands small employers’ options for providing health coverage. The President has indicated that he will sign it into law. Once signed, the law will be effective for plan years beginning on or after January 1, 2017. The HRA Relief

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IRS Extends Affordable Care Act Reporting Due Dates for 2016 Forms

In Notice 2016-70 issued on November 18, the IRS has provided an automatic 30-day extension of the due dates for furnishing individuals with 2016 Forms 1095-B (Health Coverage) and Forms 1095-C (Employer-Provided Health Insurance Offer and Coverage) from January 31, 2017, until March 2, 2017. The notice also extends the good-faith transition relief from the

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IRS Extends Deadlines for Affordable Care Act Reporting Forms

IRS Extends Deadlines for Affordable Care Act Reporting Forms 1094-B and 1095-B and Forms 1094-C and 1095-C The IRS issued Notice 2016-4, which extends the distribution and filing deadlines for the Affordable Care Act (ACA) reporting requirements.  Under Code Section 6055, health coverage providers are required to file with the IRS, and distribute to covered

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Affordable Care Act (ACA) Information Reporting

Affordable Care Act (ACA) generally requires individuals to obtain healthcare insurance; compels Applicable Large Employers (ALEs)1 to offer affordable coverage to all of their full-time employees; and provides subsidized healthcare premiums to qualifying individuals who purchase coverage through the healthcare marketplace. In order to collect data needed to enforce compliance with the individual and employer

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IRS Eases ACA Penalties for Small-Biz Reimbursement Plans

An executive summary of the brand new guidance this week is as follows: No penalties will be assessed for small employers (less than 50 FTEs) who have violated individual market health insurance policy premium reimbursement rules through June 30, 2015.  This relief does not extend to stand-alone HRAs or other arrangements to reimburse employees for

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