We recently held a webinar regarding changes pertinent to the upcoming ACA reporting season. After receiving numerous questions from attendees during the session, we thought it best to compile and …
ACA affordability
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The landscape of the Affordable Care Act (ACA) has been witnessing significant shifts, particularly concerning subsidies and their implications. We’ve recently explored how IRS safe harbors for affordability help businesses …
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Affordable Care Act
Reinsurance in Virginia: Navigating the Uncertainties and Implications
by Robert Sheenby Robert SheenIn the ever-evolving landscape of health insurance, Virginia finds itself at a pivotal crossroads. The recent inability of the Virginia General Assembly to reach a consensus on the reinsurance program …
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ACA ComplianceACA Penalties
Avoid These Compliance Triggers to Minimize ACA Penalty Risk
by Robert Sheenby Robert SheenIt’s no secret the IRS is ramping up ACA enforcement. With additional funding for improving its tax correspondence processing infrastructure, more staff than ever, and a renewed focus on compliance, …
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ACA Resource
Prepare for 2022 ACA Reporting With the ACA Essential Guide
by Chris Areyby Chris AreyThe ACA reporting season for the 2022 tax year is fast approaching and organizations must take the proper precautions to ensure an accurate and timely filing, void of penalty risk. …
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Since ACA reporting was first required by employers in 2015, the affordability component under the Employer Mandate was established each year by indexing the standard of 9.5%. This has always …
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ACA Reform
Inflation Reduction Act Passes: IRS Enforcement Ramping Up
by Robert Sheenby Robert SheenFollowing many months of debate, Biden signed the Inflation Reduction Act into law yesterday, marking a historic occasion for the future of U.S. healthcare, the environment, and tax enforcement. Included …
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ACA Compliance
ACA Affordability Drops to Historic Low for 2023 Tax Year
by Robert Sheenby Robert SheenLast week the IRS announced the affordability percentage for Premium Tax Credits (PTCs) and employee contributions for employer-sponsored health coverage. In IRS Rev. Proc 2022-34, the agency makes clear that …
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Late last week news broke regarding a $300 billion bill that would extend the enhanced ACA subsidies issued via Premium Tax Credits (PTC) through 2025. It all started when Senator …
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ACA Reform
Millions to Lose Coverage if American Rescue Plan PTCs Expire
by Robert Sheenby Robert SheenEnhanced Premium Tax Credit (PTC) subsidies introduced via the American Rescue Plan (ARP) are set to expire this December, and the consequences could be serious. Before diving into what could …
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With the 2021 ACA reporting season coming to an end later this month, employers should turn their attention to ACA compliance for the 2022 tax year. A key component of …
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Affordable Care Act
ACA Open Enrollment Reaches Record-Breaking 14.5 Million
by Robert Sheenby Robert SheenOver 14.5 million Americans elected to receive health coverage through one of the ACA’s insurance marketplaces during the 2022 open enrollment period. The record-breaking participation is 21% higher than the …
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The IRS penalty amounts for non-compliance of the ACA’s Employer Mandate are again increasing in 2022. Below is a rundown of the new penalty amounts and how the IRS will …
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It’s 2022 and time to begin preparing the annual 1095-C filings with the IRS and select state governments. Are you ready? If you need a refresher on the different 1095-C …
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On December 9, 2021, the IRS published the final ACA reporting instructions for the 2021 tax year, including the final 1094-C and 1095-C forms. As expected, the forms and instructions …
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For the 2022 tax year, the ACA affordability threshold will decrease to 9.61%. According to IRS Revenue Procedure 2021-36 all health plans offered by employers beginning January 1, 2022, will …