OVERVIEW On Dec. 2, 2019, the Internal Revenue Service (IRS) issued Notice 2019-63 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2019 from Jan. 31, 2020, to March 2, 2020; Extend good-faith transition relief from penalties related to 2019 information reporting under Sections 6055 and 6056; and Provide additional […]
HIGHLIGHTS Employers with large fully insured welfare plans (100 or more participants) must provide participants with a SAR each year. The SAR is a summary of the plan’s Form 5500. Employers with self-insured, unfunded plans are not subject to the SAR requirement, regardless of plan size. IMPORTANT DATES September 30 Deadline for […]
OVERVIEW The Affordable Care Act (ACA) imposes a fee on health insurance issuers and self-insured plan sponsors in order to fund comparative effectiveness research. These fees are widely known as Patient-Centered Outcomes Research Institute (PCORI) fees. On Nov. 5, 2018, the Internal Revenue Service (IRS) published Notice 2018-85, which increased the PCORI fee amount for […]
OVERVIEW On Nov. 29, 2018, the Internal Revenue Service (IRS) issued Notice 2018-94 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2018 from Jan. 31, 2019, to March 4, 2019; and Extend good-faith transition relief from penalties related to 2018 information reporting under Sections 6055 and 6056. Notice 2018-94 […]
OVERVIEW Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2018. Although some of the limits will remain the same, many of the limits will increase for […]
OVERVIEW On Jan. 22, 2018, President Donald Trump signed into law a short-term continuing spending resolution to end the government shutdown and continue funding through Feb. 8, 2018. The continuing resolution impacts three taxes and fees under the Affordable Care Act (ACA). Specifically, the continuing resolution: Delays implementation of the Cadillac tax on high-cost group […]
OVERVIEW As of Feb. 15, 2018, employers must use new tables to determine how much income tax to withhold from their employees’ paychecks. The Internal Revenue Service (IRS) issued the required new tables in Notice 1036 on Jan. 9, 2018. The new tables are also available in IRS Publication 15. In addition, the IRS issued […]
On Dec. 22, 2017, President Donald Trump signed the tax reform bill, called the Tax Cuts and Jobs Act, into law, after it passed both the U.S. Senate and the U.S. House of Representatives. This tax reform bill, drafted based on a tax reform plan that was developed in consultation with the Trump administration, will […]
HIGHLIGHTS The deadline for furnishing individual statements under Sections 6055 and 6056 for 2017 has been extended for 30 days. Good-faith transition relief from penalties has also been extended for 2017 reporting. The due date for filing returns with the IRS for 2017 is not affected. IMPORTANT DATES March 2, 2018 Deadline for furnishing 2017 […]
