ACA compliance numbers: the results are in

The Treasury Inspector General for Tax Administration (TIGTA) issued a report recently relative to the IRS’s compliance with a statutory ACA rule that requires them to send out notifications to certain taxpayers. For those that are not aware, the TIGTA audits, investigates, inspects and evaluates for the fair administration of the Federal tax system and …

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HSA tax advantages, 2018 contribution amounts released

In recent times, we have seen an explosion of activity regarding Health Savings Accounts (HSAs). In 2006, total HSA assets were valued at roughly $1.7 billion, and as of January 2017 they’re estimated to be $41 billion. The most intriguing aspect of these accounts is that the contributions are both tax-deductible and tax-free. The only …

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Filing deadline extended for 2016 Forms 1095 B & C

In a show of understanding for the complexities faced under ACA reporting, in Notice 2016-70, the IRS has extended the filing deadline for the 2016 information reporting requirements under ACA (Affordable Care Act) for insurers, self-insuring employers and certain other providers. The IRS extended the due date for furnishing the 2016 Form 1095-B and the …

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Small business health insurance reimbursement is back!

It appears that the 21st Century Cures Act will soon be signed by President Obama. One of the anticipated provisions of the bill includes a section for health insurance reimbursement arrangements (HRAs) for small businesses. These new plans or SBHRAs will allow businesses with fewer than 50 full-time employees to again reimburse the health insurance …

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ACA Compliance: Employer Questions that Matter

The Affordable Care Act (ACA) prompts employers to ask themselves and their employees many questions. Questions that matter if you want to avoid potential fines and penalties. As an employer, do you have 50 or more full-time equivalent employees? That matters because if you do, you must offer full-time employees health care coverage or pay …

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When & How to Sign Up for Medicare Parts A & B

As more individuals push off retirement and getting Social Security, many are in danger of missing the enrollment period for Medicare Part B. In most cases, if you don’t sign up for Part B when you’re first eligible, you’ll have to pay a late enrollment penalty for as long as you have Part B. Your …

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Are you Exempt from the Affordable Care Act Penalty?

You land your dream job in paradise. So you quit your old job, pack up your bags and move across the country. You get something in the mail about COBRA health insurance continuation coverage from your old employer and a notice saying that your health insurance ended the month you quit. Your coverage under your …

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Health Coverage Exemption if You Live Outside the U.S.

U.S. persons living outside the U.S. may qualify for the health coverage exemption, meaning you may not have to pay the penalty (The Individual Shared Responsibility Payment) for the months you did not have minimum essential health coverage, as long as you fall into one of the following categories: 1. You are a US Citizen …

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Penalties and Relief for the Affordable Care Act

2015 is the first year that the new health care reporting forms are being required to be used to report health care coverage by employers under the Affordable Care Act. These will be due in January of 2016 to report for the 2015 calendar year. Those that are affected are any employers that provide self-insured …

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Exemption Due to Marketplace 1095-A Error

It has recently been discovered that there is a widespread number of taxpayers that are encountering errors with the Form 1095-A (Health Insurance Marketplace Statements). The types of errors that are occurring consist of incorrect information on the form or a delay in receiving the form. Another error is erroneously receiving the form when you …

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