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 […]
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers. Under ERISA, employer-sponsored welfare benefit plans, such as group health plans, must be described in a written plan document. In addition, employers must explain the plans’ terms to participants by […]
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 […]
Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure that […]
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 […]
KEY POINTS Any wellness incentive that is not medical care is taxable, unless it is a nontaxable fringe benefit. Nontaxable benefits may include T-shirts, water bottles and sports tickets. Gym or health club memberships are generally taxable. Cash and cash equivalents are always taxable. COMMON MISTAKES Assuming that all incentives are nontaxable because wellness programs […]
On March 24, 2017, Republican leadership in the U.S. House of Representatives withdrew the American Health Care Act—their proposed legislation to repeal and replace the Affordable Care Act (ACA). A House vote was scheduled to take place on that day, but House Republicans could not secure enough votes to approve the legislation and, instead, canceled […]
OVERVIEW On March 6, 2017, Republican leadership in the U.S. House of Representatives issued two bills to repeal and replace the Affordable Care Act (ACA) through the budget reconciliation process. These bills, which were issued by the Ways and Means Committee and the Energy and Commerce Committee, are collectively known as the American Health Care […]
Overview On Feb. 16, 2017, Republican leadership in the U.S. House of Representatives issued a policy brief describing its intended approach for replacing the Affordable Care Act (ACA). In this policy brief, House Republicans reiterated their goals of repealing the ACA and implementing a replacement plan aimed at providing more choices, lower costs and greater […]
