The Internal Revenue Service (IRS) released draft 2018 forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2018 draft Forms 1094-C and 1095-C were released July 11, 2018, and will be used by applicable large employers (ALEs) to report under Section 6056, as well as
Reminder: PCORI Fees Due July 31, 2018
The ACA imposes a fee on health insurance issuers and plan sponsors of self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, called the Patient-Centered Outcomes Research Institute (PCORI) fee, is calculated based on the average number of lives covered
Patient-Centered Outcomes Research Institute Fees (PCORI Fees)
The Affordable Care Act (ACA) created the Patient-Centered Outcomes Research Institute to help patients, clinicians, payers and the public make informed health decisions by advancing comparative effectiveness research. The Institute’s research is funded, in part, by fees paid by health insurance
Affordability Percentages Will Increase for 2019
On May 21, 2018, the Internal Revenue Service (IRS) issued Revenue Procedure 2018-34 to index the contribution percentages in 2019 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2019, employer-sponsored coverage will
Did You Miss the April 2 ACA Reporting Deadline?
Here’s What’s Next. The Affordable Care Act (ACA) created reporting requirements under Internal Revenue Code Sections 6055 and 6056 that require certain employers to provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. The annual deadline
FAQs: Understanding the IRS Play-or-Pay Penalty Assessment Letter
The IRS has begun issuing letters to employers who are not offering health coverage to full-time employees. Under the Affordable Care Act’s (ACA) employer shared responsibility rule, applicable large employers must provide affordable health coverage to full-time employees or face stiff penalties.
Furnishing Deadline Delayed for 2017 ACA Reporting
On December 22, 2017, the Internal Revenue Service (IRS) issued Notice 2018-06 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2017 for 30 days, from January 31, 2018, to March 2, 2018 Extend good-faith transition relief from penalties related to 2017
Understanding the ABCs of the 1095 Forms
Due to the Affordable Care Act (ACA), many individuals will receive one or more 1095 forms. Much like Form W-2 and Form 1099, which include information about the income, these health care forms provide information that will be needed to file individual income tax returns. Also, like Forms W-2 and