The Departments of Health and Human Services, Labor, and Treasury issued final regulations permitting employers to offer limited wraparound coverage for health care if they meet five requirements.
Advertisement
Topics
Affordable Care Act (ACA)
2016 Inflation Adjustments for HSAs Released
The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
Small Employers Get Relief From Sec. 4980D Penalty
The IRS announced transition relief from the application of the Sec. 4980D excise tax, which applies to health plans that do not meet the market reform requirements of the Patient Protection and Affordable Care Act
CHIP Buy-in Programs May Qualify as Minimum Essential Coverage
An individual who may enroll in a CHIP buy-in program that has been recognized as minimum essential coverage by HHS will be treated as eligible for minimum essential coverage under the program for purposes of the premium tax credit only for the period the individual is enrolled.
IRS Grants Penalty Relief to Taxpayers Who Received Incorrect Health Care Forms
To ease the filing burden for taxpayers who received late or incorrect Forms 1095-A, the IRS announced that it will provide penalty relief for taxpayers.
IRS Issues Additional PPACA Guidance on Identifying Full-Time Employees
The IRS provided employers with helpful guidance regarding situations where an employer changes the measurement period or method it uses for determining if a variable-hour or part-time employee has become a full-time employee.
IRS Will Waive Penalties for Underpayments Related to the Premium Tax Credit
IRS will provide automatic penalty relief for premium tax credit underpayments.
Wraparound Coverage Must Meet Five Requirements to Qualify as an Excepted Benefit
Final regulations permit employers to offer limited wraparound coverage for health care if they meet five requirements.
Taxpayers Who Already Filed 2014 Returns Using Incorrect Forms 1095-A Won’t Have To Pay More Tax
The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received.
IRS Asks for Comments on Proposed Rules for High-Cost Health Plans
To prepare for the new excise tax on so-called Cadillac high-cost health insurance plans, the IRS is asking for comments on proposed approaches to creating guidance on issues involving the tax when it becomes effective in 2018.
Thousands Receive Incorrect Health Care Tax Forms; Signup Period Extended
The government announced that many taxpayers who signed up for health insurance on the site have received an incorrect Form 1095-A for 2014. It also announced an extension of time for uninsured taxpayers to sign up for insurance on the website.
Sec. 4980D Excise Tax Relief Is Available for Certain Small Employers
The IRS announced transition relief from the application of the Sec. 4980D excise tax, which applies to health plans that do not meet the market reform requirements of the Patient Protection and Affordable Care Act.
Do PPACA Credits and Mandates Apply in States With Federal Exchanges?
Challenges now moving through the federal courts target the IRS’s interpretation that the Sec. 36B premium assistance credit to insurance purchased on both state health insurance exchanges and federal health insurance exchanges.
Guidance on Health Care Law Is Issued
The IRS released a package of guidance on 2010’s health care reform legislation, finalizing proposed regulations on minimum essential coverage, identifying the hardship exemptions from the Sec. 5000A individual shared-responsibility penalty for which individuals are not required to provide exemption certificates, and providing indexing adjustments for certain calculations under the Sec. 36B premium tax credit and Sec. 5000A
Taxpayers Get Penalty Relief for Incorrect Premium Tax Credit Advance Payments
The IRS will provide automatic penalty relief for taxpayers who, when they reconcile advance payments of the premium tax credit they received for 2014 to the amount of the credit they are entitled to on their income tax returns, find they owe additional tax.
Government to Reach Out, Provide Resources to Ease Health Care Tax Filing Burden
Taxpayers who are faced for the first time this tax season with complying with the health care law provisions will be able to get help from the government, the secretaries of the Treasury and of Health and Human Services announced.
IRS Issues Final Regulations on Sec. 162(m)(6) Deduction Disallowance
The IRS issued final regulations under Sec. 162(m)(6), which imposes a $500,000 federal income tax deduction limitation for compensation paid by a covered health insurance provider.
IRS Signals PPACA Compliance Issues
In September 2014, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use this tax season to ensure taxpayers comply with the Patient Protection and Affordable Care Act.
Final Regulations Define Which Health Care Benefits Qualify as Excepted Benefits
Dental, vision, and long-term-care benefits will qualify as excepted benefits under final regulations issued by the IRS
Recent Developments in Compensation and Benefits
This article highlights some notable recent rules and guidance in employee benefits and compensation, as well as case law pertaining to employee benefits.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
