On December 28, the IRS issued Notice 2016-4, in which it delayed the deadline for filing 2015 Forms 1094 with the IRS and providing 2015 Forms 1095 to individuals. This will likely come as a great relief to many employers who have been figuring out how to complete these new forms, which are required to comply …
QNHII Regs Due Thursday—After Only Five Years
January 28, 2015 Leave a Comment
When the Affordable Care Act (ACA) was signed into law back in 2010, it directed the Centers for Medicare & Medicaid Services (CMS) to establish the Consumer Operated & Oriented Program (CO-OP). The point of the CO-OP is to foster creation of membership-governed QNHIIs. What’s a QNHII? you’re …
New Guidance on PPACA’s Out-of-Pocket Maximum
January 31, 2014 Leave a Comment
This post will provide an overview of the new guidance on PPACA’s out-of-pocket maximum issued jointly by the HHS, the DOL, and IRS. This guidance is particularly important for plan sponsors who provide essential health benefits (EHBs) through multiple vendors. While previous guidance provided transitional …
IRS Issues Proposed Regulations on Compensation Deduction Limit for Health Insurers
April 8, 2013 Leave a Comment
The health care reform provision affecting health insurance providers limits deductions these providers may take for compensation paid for tax years beginning in 2013. The provision limits deductions for compensation paid to any individual to $500,000 annually, with the limitation applied to compensation in the …
2013 Cost-of-Living Adjustments For Benefit Plans
January 28, 2013 Leave a Comment
Following the enactment of the American Taxpayer Relief Act of 2012, the IRS announced the 2013 cost-of-living adjustments for adoption assistance and transportation fringe benefit plans. Adoption Assistance The exclusion for employer-provided adoption assistance will increase to $12,970 per child in 2013. …
IRS Releases 2012 Benefit Plan Limits
October 31, 2011 Leave a Comment
The IRS recently announced the cost-of-living adjustments effective in 2012 for the various dollar limits that apply to employee benefit plans. Highlights for health and welfare plans include the following: Parking and Transportation. In 2012, the limit on the monthly amount that can be excluded from …