Looking for ways your company can potentially save hundreds of thousands of dollars? The IRS has recently handed it to you with their recently released IRS Letter 5699, also known …
Minimum Essential Coverage (MEC)
-
-
Summer is upon us and with it a number of annoyances. Mosquitos. Road construction. And those pesky Affordable Care Act (ACA) compliance responsibilities that tend to slip during summer months …
-
While the Affordable Care Act’s Employer Mandate is likely very well known (if not well loved) by employers, many are unaware of the ACA’s Rule of Parity, which offers some …
-
The deadline for electronically filing ACA forms 1094-C and 1095-C for the 2022 tax year was March 31. Did you make the deadline? If you did, were all your submissions …
-
It’s true the 2022 ACA reporting season deadlines have passed, but that doesn’t mean it’s the end of the ACA compliance efforts and ACA penalties. As we’ve previously communicated, IRS …
-
ACA Full-Time: What is it and Why Does it Matter? What constitutes a full-time employee under the ACA? The answer is not as simple as it seems. And getting your …
-
Now that the IRS received an influx of resources, including $80 billion in funding and 87,000 new tax agents, employers should keep their eyes peeled for the ACA warning notice, …
-
ACA Compliance
ACA Measurement Methods Are Critical for Avoiding IRS Penalties
by Robert Sheenby Robert SheenIf you or someone you know has been hit with IRS Letter 226J, you know that it is no laughing matter. The IRS is currently issuing these ACA penalty assessments …
-
ACA Compliance
What Employers Need to Know About the California Individual Mandate
by Robert Sheenby Robert SheenEmployers with operations in California should be familiar with the state’s Individual Mandate and the additional ACA reporting requirements, as they have been in effect since 2020. Still, organizations are …
-
ACA Compliance
The Look-Back Measurement Method Can Prevent ACA Penalties
by Robert Sheenby Robert SheenDetermining the accurate full-time employee count during a calendar year is important for ACA compliance. Getting it wrong can lead to inaccurate annual information filings with the IRS and subsequently …
-
ACA ComplianceACA Penalties
These Common Mistakes Can Result in ACA Penalties
by Robert Sheenby Robert SheenWithout the right resources, managing ACA compliance responsibilities can be time-consuming and difficult. There are many issues that can arise during the course of the year that can make employers’ …
-
Earlier this month the IRS issued draft ACA Forms 1094-C and 1095-C for the 2022 tax year. For the first time in years, there do not seem to be any …
-
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 …
-
Now that we’ve cleared the 2022 halfway mark, it appears the IRS is on track to hit its goal of clearing the historic backlog by the end of the year. …
-
Last month the IRS published a proposed regulation that would amend the existing rule regarding employer-sponsored Minimum Essential Coverage (MEC) for family members of an employee. The proposed rule would …
-
ACA DeadlineAffordable Care Act
March 31 is the Deadline for E-Filing ACA Returns With the IRS
by Robert Sheenby Robert SheenToday, March 31, 2021, is the e-filing deadline for submitting ACA Forms 1094-C and 1095-C to the IRS for the 2022 tax year, as required by the ACA’s Employer Mandate. …
-
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 …
-
ACA DeadlineACA ReportingAffordable Care Act
Deadline to Furnish ACA Form 1095-C is Today
by Robert Sheenby Robert SheenThe deadline for distributing the ACAS 1095-C forms to full-time employees is today, March 2. Did you make it? This deadline applies to Applicable Large Employers (ALEs), or employers with …
-
ACA Compliance
AIRs Portal Downtime Could Prove Problematic for Employers
by Robert Sheenby Robert SheenOn December 5, the IRS closed production of the Affordable Care Act’s Information Returns (AIRs) portal to prepare for 2021 reporting year electronic filing submissions. The agency says that the …
-
Open enrollment for the 2022 plan year ends later this week but ACA signups are already hitting record new highs. Kaiser Health News cites a record-breaking 13.6 million Americans already …
-
ACA Deadline
State ACA Reporting and Furnishing Deadlines for Employers
by Robert Sheenby Robert SheenEmployers ringing in the New Year should remember that several states’ have additional ACA filing and furnishing obligations that must be completed for the 2021tax year. To help you get …
-
Affordable Care Act
Remember, No Good Faith Transition Relief This Year
by Robert Sheenby Robert SheenWith the New Year just a few short weeks out, employers should remember that 2020 was the final year for Good Faith Transition Relief. That means filing late or inaccurate …
-
Open enrollment period for the 2022 coverage year is well underway, and ACA premiums are continuing to drop. The federal period for obtaining health coverage kicked off on November 1 …
-
Employers preparing for a smooth 2021 filing season should keep in mind the important ACA deadlines to avoid IRS penalties. Every year, Applicable Large Employers (ALES) must file and furnish …
-
ACA ComplianceACA Reform
How Build Back Back Better Would Reshape U.S. Healthcare
by Robert Sheenby Robert SheenWith the Infrastructure Bill now officially signed into law, Congress will now shift its focus onto the $1.75 trillion Build Back Better proposal. In its current version, the plan could …
-
With the end of the year approaching quickly, ACA compliance and the subsequent ACA reporting are ramping up. Employers preparing for IRS and state filing requirements should consider the importance …
-
Three states have successfully transitioned away from the federal healthcare.gov ACA exchange to operate on their own-state run marketplace. On October 4, Maine, New Mexico, and Kentucky completed the transition …
-
ACA ComplianceAffordable Care Act
Data Quality Management Is Key to ACA Compliance
by Robert Sheenby Robert SheenMany of the challenges posed by the Affordable Care Act’s Employer Mandate are inherently data problems. Data quality management is not just an issue for larger employers with multiple HR …
-
The IRS recently announced the ACA affordability percentage for the 2022 tax year and with that information comes speculation around the Employer Mandate’s IRC Section 4980H(a) and (b) penalty amounts …
-
ACA Compliance
3 Resources To Assist Employers With 2021 ACA Reporting
by Robert Sheenby Robert SheenThe end of the 2021 tax year and the subsequent tax season are approaching rapidly. What precautions is your organization taking to ensure a smooth ACA reporting experience this year? …
-
ACA ComplianceACA Reporting
Introducing The Employer’s Guide to Coding ACA Form 1095-C
by Chris Areyby Chris AreyThe fourth quarter is here and the inevitable tax filing season is right around the corner. Employers should give special attention to their ACA reporting obligations this year as there …
-
Affordable Care Act
ACA Reporting to Grow in Complexity Due to State Individual Mandates
by Robert Sheenby Robert SheenACA reporting is complex and the process has only grown more challenging as states continue to enact additional state-level ACA reporting requirements as a function of their Individual Mandates. But …
-
ACA Compliance
CMS Proposed Rule to Provide Greater Access to ACA Coverage
by Chris Areyby Chris AreyThe Biden administration is yet again making strides to bolster the Affordable Care Act. This time, it’s through a proposed rule that aims to strengthen the ACA’s federal and state …
-
Earlier this year the IRS released final regulations regarding the relationship between Employer Shared Responsibility Provisions (ESRP) and individual coverage Health Reimbursement Arrangements (HRAs). And then they were withdrawn by …
-
ACA ReportingAffordable Care Act
The IRS’s Forms 1095 For the ACA Explained
by Robert Sheenby Robert SheenA number of changes were introduced to the health insurance marketplace with the passage of the ACA in 2010. From different reporting forms and health insurance plan requirements to the …
-
ACA Compliance
ACA Survives Supreme Court, Focus Shifts to More Advancements
by Robert Sheenby Robert SheenEarlier this month the Supreme Court issued its decision to uphold the ACA, dismissing the challengers who asserted it was unconstitutional. So, what happens next? Now that the healthcare law …
-
ACA ReportingAffordable Care Act
Understanding ACA Forms 1094-C/1095-C
by Robert Sheenby Robert SheenEmployers required to comply with the ACA’s Employer Mandate must report their full-time employee’s healthcare information to the IRS annually via forms 1094-C and 1095-C, but what exactly are these …
-
Affordable Care Act
ACA Employer Penalties Are Real and The IRS Will Be Issuing More
by Robert Sheenby Robert Sheen3 min read ACA reporting for the 2021 tax year may not be top of mind for employers right now, but that doesn’t mean you shouldn’t be aware of the …
-
ACA ComplianceAffordable Care ActIRS
Biden Seeks to Make PTC Eligibility Expansion Permanent
by Robert Sheenby Robert Sheen3 minute read: The Biden administration is once again finding ways to bolster the Affordable Care Act. This time the advancement comes in the form of ACA subsidies and the …
-
ACA ComplianceAffordable Care ActIRS
IRS Suspends Excess Repayment of APTCs for 2020 Tax Year
by Robert Sheenby Robert Sheen3 minute read: The latest ACA advancement to be introduced by the Biden administration comes via the American Rescue Plan and applies to the use of Advanced Payments of Premium …
-
Affordable Care Act
IRS Experiences Paper Mail Backlog, Employers Should E-file ACA Returns
by Robert Sheenby Robert Sheen3 minute read: The COVID-19 pandemic created hardships for everyone and everything, including the IRS. On numerous occasions, the agency announced a significant backlog in processing paper returns. As of …
-
ACA ComplianceAffordable Care Act
IRS Enforcement of the ACA is Increasing
by Robert Sheenby Robert Sheen3 minute read: IRS enforcement of the ACA is going to increase throughout the remainder of the year and well into 2022, as President Biden’s FY 2022 discretionary request alludes …
-
ACA ComplianceAffordable Care Act
What Happens if You Fail to Pay an ACA Penalty?
by Robert Sheenby Robert SheenHave you ever wondered what would happen if your organization didn’t pay an ACA penalty issued by the IRS? In this post, Trusaic explains what you need to know about …
-
ACA ComplianceAffordable Care Act
ACA Affordability for the 2021 Tax Year
by Robert Sheenby Robert Sheen2 minute read: For the 2021 tax year, the ACA affordability threshold will increase to 9.83%. That means employees will likely have to contribute more towards their employer-sponsored healthcare. IRS …
-
Affordable Care Act
Recapping on Biden’s ACA Reforms, What Employers Need to Know
by Robert Sheenby Robert Sheen3 minute read: Since Biden took office on January 20, 2021, several advancements to the Affordable Care Act followed, so we thought it best to recap on the ACA reforms …
-
3 minute read: In December 2020, the Departments of Labor, Health and Human Services, and Treasury (including the IRS) issued a final rule regarding ACA grandfathered health plans. Grandfathered health …
-
Affordable Care Act
March 31 is the Deadline for E-Filing ACA Returns With the IRS
by Robert Sheenby Robert SheenToday, March 31, 2022, is the e-filing deadline for submitting ACA Forms 1094-C and 1095-C to the IRS for the 2022 tax year, as required by the ACA’s Employer Mandate. …
-
3 minute read: Employers should be aware that data concerning non-compliance with California’s Individual Mandate will be publicly reported and published annually by the California Franchise Tax Board (FTB) on …
-
Affordable Care Act
New Stimulus Plan Expands PTC Eligibility, Employer Penalties
by Robert Sheenby Robert Sheen3 minute read: President Joe Biden recently signed into law the American Rescue Plan (ARP) and it includes provisions that make ACA healthcare coverage more accessible to Americans. The $1.9 …
-
3 minute read: President Joe Biden nominated California’s Attorney General Xavier Becerra, a known supporter of the ACA, as the new Health and Human Services (HHS) Secretary. On March 18, …