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
Patient-centered outcomes research fee (IRS No. 133). The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending
IRS released 2017 inflation-adjusted figures for contributions to Health Savings Accounts. Annual limitation on deductions for individual with self-only coverage under high deductible health plan is $3,400, and for individual with family coverage under high deductible health plan is
Effective Jan 1, 2016, for-profit hospitals are now entitled to an income tax credit against the hospital’s adjusted gross income tax liability for the taxable year equal to 10% of the property taxes paid in Indiana on property used
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
In its payroll industry telephone conference call on 7/2/15, the IRS said that employers can request an extension of the Affordable Care Act (ACA) deadlines for filing information returns with the IRS and furnishing ACA statements to payees, as
On February 25th, 2015, the Centers for Medicare and Medicaid Services (CMS) announced that eligible professionals (EPs) now have until 11:59 pm ET on March 20th to attest to meaningful use for the Medicare Electronic Health Record (EHR) Incentive
The U.S. government’s Centers for Medicare and Medicaid Services (CMS) announced that it sent incorrect information on Form 1095-A (Health Insurance Marketplace Statement) to approximately 800,000 taxpayers who purchased Federally-facilitated Marketplace health care coverage in 2014 and received advance
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.
As we approach year-end, employee-shareholders who own more than 2% of the shares in an S corporation need to adjust their W2 compensation to reflect the addback of health insurance premiums paid by the corporation on their behalf. The
Many industries including manufacturing, construction, not-for-profit, agriculture and physician offices are granted sales tax exemption status on their purchases. If you have not considered buying such materials and supplies exempt from sales tax, contact us for a discussion on how
Somerset CPAs and Advisors is now part of CBIZ and MHM. Together, CBIZ and MHM are one of the Top Ten accounting providers in the country. Please click here for more information.
