While some businesses, depending on location and industry, are turning their focus to reopening, it is still (and always will be) important to consider benefit plan cost-savings strategies. These can be particularly important now as COVID-19’s continue to evolve rapidly.
Topics: ACA, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act
Topics: ACA, Congress, Medical Device Excise Tax, Tax Reform, tax reform bill
The Affordable Care Act (ACA) brought a slew of requirements to employers, both those who provide health insurance for their employees and those who don’t. Complying with the requirements and reporting on how compliance is met makes following the ACA particularly cumbersome.
Most of the ACA’s requirements affect employers with an average of at least 50 full-time employees (or full-time employee equivalents) during the calendar year. Referred to as Applicable Large Employers (ALEs), these employers are in effect subject to an additional tax referred to as the Employee Shared Responsibility Payment if they do not offer adequate and affordable coverage to their employees and at least one employee enrolls in the ACA’s Health Insurance Marketplace. Controlled entities are considered in the aggregate when determining ACA eligibility.
Topics: Affordable Care Act, ACA, Ron Morrison, ACA Guidance
The Affordable Care Act (ACA) imposes new reporting requirements on health insurers, as well as on certain employers. These reporting requirements are imposed by IRC Sections 6055 and 6056 (see CBIZ Health Reform Bulletin, IRS Final Rules – IRC Sections 6055 and 6056, 3/14/14). These reporting requirements are for the purpose of helping the government discern who might be entitled to premium assistance, as well as discern what employers might be subject to the employer shared responsibility excise tax. This bulletin will focus primarily on the employer’s reporting obligation.
Topics: IRS, Affordable Care Act, ACA, Karen McLeese