The IRS has informed taxpayers and practitioners that it will not accept electronically filed 2017 tax returns that fail to address the Affordable Care Act’s (ACA’s) health coverage requirements. In addition, paper returns that don’t indicate health coverage may
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
Below are some updates on the employer provisions contained in the Obamacare replacement bills introduced in Congress. Please contact your Somerset advisor at if you have any questions. Repeals the ACA’s taxes with an effective date of 2018 and beyond.
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,
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
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
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
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
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
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
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,
Under the Employer Shared Responsibility provisions of the Affordable Care Act (ACA) the IRS has issued reporting requirements for all Applicable Large Employers (ALE) to report full time employees and health insurance offered to these employees and their dependents.
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