New Employer Tax Credit for Paid Family and Medical Leave

OVERVIEW The Tax Cuts and Jobs Act (Act), which was signed into law on Dec. 22, 2017, creates a new business tax credit for eligible employers that provide paid family and medical leave to their employees. The tax credit, which applies to taxable years beginning in 2018 and 2019, is equal to a percentage of … Continue reading New Employer Tax Credit for Paid Family and Medical Leave

CBO Releases Estimate of Budgetary Effects of ACA Replacement

March 13, 2017 From the Desk of Larry Grudzien Attorney-At-Law Today, the Congressional Budget Office released its estimate of the budgetary effects of the American Health Act. Below is a summary of its findings: The Concurrent Resolution on the Budget for Fiscal Year 2017 directed the House Committees on Ways and Means and Energy and … Continue reading CBO Releases Estimate of Budgetary Effects of ACA Replacement

2016 Furnishing Deadline for ACA Reporting Delayed

Overview On Nov. 18, 2016, the Internal Revenue Service (IRS) issued Notice 2016-70 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2016 for 30 days, from Jan. 31, 2017, to March 2, 2017; and Extend good-faith transition relief from penalties related to 2016 information reporting under Sections 6055 and … Continue reading 2016 Furnishing Deadline for ACA Reporting Delayed

Educate Employees on the Value of HSAs

Health savings accounts (HSAs) offer many valuable benefits to participants. However, many employees do not fully understand how HSAs work and may be missing out. In fact, it is estimated by the Flexible Benefit Service Corporation that 40-50 percent of HSA-eligible individuals do not have an HSA. One reason for the underutilization of HSAs may … Continue reading Educate Employees on the Value of HSAs

IRS ISSUES OPT-OUT PAYMENT PROPOSED RULES

On July 8, 2016, the Internal Revenue Service (IRS) issued proposed regulations on the Affordable Care Act’s (ACA) premium tax credit and individual mandate. The regulations also impact employers through the employer shared responsibility rules. The proposed regulations focus primarily on the effect of opt-out payments on the affordability of employer-sponsored coverage: Opt-out payments made … Continue reading IRS ISSUES OPT-OUT PAYMENT PROPOSED RULES

IRS Clarifies ACA Rules for Employer- provided Coverage

The Internal Revenue Services (IRS) recently released Notice 2015-87, which clarified a number of ACA rules for employer-provided coverage, including employer shared  responsibility penalties and ACA market reforms. Significantly, the notice addressed how pertain plan features, such as flex credits and opt-out incentives, affect whether an applicable large employer’s coverage is affordable. In the notice, … Continue reading IRS Clarifies ACA Rules for Employer- provided Coverage

ACA REPORTING DEADLINES DELAYED

OVERVIEW On Dec. 28, 2015, the Internal Revenue Service (IRS) issued Notice 2016-4 to delay the due dates for filing and furnishing forms under Section 6055 and 6056. The due date for furnishing forms to individuals has been extended from Feb. 1, 2016, to March 31, 2016. The due date for filing forms with the … Continue reading ACA REPORTING DEADLINES DELAYED