During 2017, the IRS has steadfastly avoided being swayed by the political breezes, even when they seemed to reach hurricane-level velocity. When President Trump and Republicans in Congress were readying …
Minimum Essential Coverage
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The IRS has announced the penalty amounts for companies with 50 or more full-time or full-time equivalent employees that do not comply with the Affordable Care Act (ACA) for the …
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Affordable Care Act
Preparing For Affordable Care Act Filings With the IRS? Here’s a Checklist That May Help [Updated]
by Robert Sheenby Robert SheenUpdated from original blog post on November 7, 2017. The ACA filing deadlines for the 2017 tax year are fast approaching. With the IRS sending penalty notices for ACA filings …
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Affordable Care Act
Preparing for Affordable Care Act Filings with the IRS? Here’s a Checklist That May Help
by Robert Sheenby Robert SheenNow is the time to be assessing where you stand in gathering the necessary information necessary for filing ACA-mandated information with the IRS. Organizations with more than 50 full-time or …
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Affordable Care ActIRS
Free Resources from the IRS to Answer Your Questions on the ACA
by Robert Sheenby Robert SheenThe IRS provides a variety of resources to assist organizations in better understanding the requirements of the Affordable Care Act (ACA). Here’s are some that we hope you will find …
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Affordable Care ActIRS
Update on IRS Penalties for Employers That Fail to File ACA-Mandated Information
by Robert Sheenby Robert SheenYou can expect to see a slight increase in IRS penalties related to the Affordable Care Act for the 2018 and 2019 tax filing seasons, which reflect reporting for the …
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Affordable Care ActIRS
IRS Roundup: What You Need to Know About the IRS and the Affordable Care Act
by Robert Sheenby Robert SheenOver the past few months, the IRS has been moving forward with preparations for the ACA-mandated filings for the 2017 tax reporting year. Here’s what we know so far about …
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ACA ReportingIRS
IRS Extends Voluntary Reporting Of Catastrophic Coverage
by Robert Sheenby Robert SheenThe IRS released Notice 2017-41 last month, informing health insurance issuers of further guidance surrounding the reporting of catastrophic plan coverage acquired through the ACA’s Health Insurance Marketplace. It’s the …
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ACA ReportingIRS
IRS Reveals 2017 Average National Monthly Premium Needed to Calculate Individual Taxpayer Penalties for ACA
by Robert Sheenby Robert SheenThe IRS has issued the 2017 Average National Monthly Premium of bronze-level qualified health plans for both individuals and shared responsibility families of five or more. That figure is the …
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IRSTIGTA
2 Reasons Why Employers Should Care About the IRS Individual Mandate Report
by Robert Sheenby Robert SheenA recently released report from the Treasury Inspector General for Tax Administration (TIGTA) on IRS notifications in regards to the ACA’s individual mandate has potential implications for employers. TIGTA, at …
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Health Insurance Marketplace
President Trump’s New Tax Plan May Affect The Health Care Market As We Know It
by Robert Sheenby Robert SheenEarlier this month, we learned that President Trump attempted to yet again repeal and replace the Affordable Care Act. This time it worked with the House passing the American Health …
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ACA ComplianceACA Reporting
The Treasury Inspector General Tax Administration Says Employer Mandate Penalties Are Coming
by Robert Sheenby Robert SheenWith now two reporting years (2015 and 2016) behind us since the implementation of the Employer Mandate under the Affordable Care Act (ACA), the IRS has yet to impose any …
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ACA ComplianceACA Reporting
Thought That ACA Reporting for 2015 Was a Free Pass? Think Again.
by Robert Sheenby Robert SheenWith now two reporting years (2015 and 2016) behind us since the implementation of the Employer Mandate under the Affordable Care Act (ACA), the IRS has yet to impose any …
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ACA AuditACA Compliance
The IRS ACA Audit Process Forces Employers to Prove Their Case or Face Penalties
by Robert Sheenby Robert SheenOp-Ed Updated Published on March 16, 2017 on ‘Accounting Today’ A few weeks after the national election, the Internal Revenue Service (IRS) began to issue notices to employers who may …
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Affordable Care ActHealth Care CoverageReporting
IRS Extends Transition Relief For QSE HRA Notice
by Robert Sheenby Robert SheenAt the close of February, the IRSreleased a notice regarding qualified small employer health reimbursement arrangement (QSE HRA) notices and an extension until further guidance is provided. These notices are …
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Health Care CoverageReporting
Employer Reporting Continues Under House Republican Leadership Proposed Bill
by Robert Sheenby Robert SheenOn March 6, 2017, the House Leadership recently unveiled its proposed bill called “American Health Care Act.”Among its provisions, the bill calls for termination of the issuance of premium tax …
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Affordable Care ActReporting
The IRS Won’t Reject Returns Without Healthcare Reporting, But You May Be Penalized
by Robert Sheenby Robert SheenAs we settle into the heart of tax season, the IRS has some new updates regarding how healthcare is reported on tax returns. The Affordable Care Act mandates individuals to …
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ACA ComplianceIRS
The IRS Audit Process Will Force Employers to Prove Their Case or Face Penalties
by Robert Sheenby Robert SheenPost election, in December of 2016, the Internal Revenue Service (IRS) began to issue out notices to employers who may have failed to comply with the ACA. These notices appear …
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Affordable Care ActIRSReporting
IRS Commissioner Reports On ACA Stats For 2015
by Robert Sheenby Robert SheenWhile we are getting our information in order for the 2016 tax year, we received some clarity on the previous year from the IRS. The IRS’s Commissioner John Koskinen has …
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ACA ComplianceReporting
Some ACA Compliance Still Required By Employers Despite Possible Repeal
by Robert Sheenby Robert SheenAs conflicting opinions of an ACA Repeal continue to loom overhead, from the Republican viewpoint, a repeal seems inevitable. However, this does not translate to an elimination of ACA compliance …
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Affordable Care ActIRSRegulations
IRS Finalizes Regulations Adopt Intentional or Reckless Disregard of Facts Exceptions to Employee Safe Harbor
by Robert Sheenby Robert SheenThe IRS has provided clarity with regard to what qualifies as an “intentional or reckless disregard of facts” by employees when it comes to seeking shelter under the employee Premium …
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ACA CompliancePenaltiesReporting
ACA’s 2016 Penalties Are Estimated to Near $31 Billion
by Robert Sheenby Robert SheenOver the course of 2016, the ACA Times has reported on ways for employers to comply with mandates of the Affordable Care Act in an effort to avoid paying large …
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Affordable Care ActHealth Care CoverageRegulations
New Regulations Redefine Short-Term, Limited Duration Insurance
by Robert Sheenby Robert SheenWhile the nation was preoccupied with the 2016 Presidential Election, Congress was pushing on with more finalized regulations involving the Affordable Care Act. Last month, the Departments of the Treasury, …
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ACA ComplianceOccupational Safety and Health Administration (OSHA)Regulations
ACA Retaliation Claims: The Final Verdict Comes From OSHA
by Robert Sheenby Robert SheenUnder the Affordable Care Act, employees unable to afford the minimum essential coverage from employers are possibly eligible for Premium Tax Credits from the Health Insurance Marketplace to assist in …
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Affordable Care ActHealth Care CoverageRegulations
News From Washington: ACA Has To Tighten Up Pediatric Dental Care
by Robert Sheenby Robert SheenWhen it comes to healthcare under the Affordable Care Act, many points of coverage can often be an afterthought. QHPs, or “qualified health plans,” are required to fulfill ten “essential …
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Form 1094-CForm 1095-CReporting
Updated Forms 1094-C And 1095-C Are Here
by Robert Sheenby Robert SheenThe IRS has released the final updated Forms 1094-C and 1095-C,and while there aren’t many modifications, there are some changes of note. As you probably already know, Form 1094-C is …
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Affordable Care ActIRS
How To Deal With An IRS Incorrect TIN Notification: The DO’s And DON’Ts
by Robert Sheenby Robert SheenWhen it comes to employee TINs, some errors seem inevitable, but they don’t always mean what they seem. As an Applicable Large Employer (ALE), it is your duty in accordance …
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Affordable Care ActAIR
AIR Errors And Missing TINs: A Tip Sheet On Quick Fixes
by Robert Sheenby Robert SheenThe electronic system for information reporting under the Affordable Care Act is not without its glitches. We know this by now, and in the midst of 2015 information reporting this …
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Health Care Coverage
New Light Is Shed On The Hardship Exemption For Health Coverage Tax Credit
by Robert Sheenby Robert SheenThe Health Coverage Tax Credit (HCTC) has benefited many in affording healthcare coverage, as the ACA requires minimum essential coverage for all individuals. However, while the HCTC typically only applies …
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Affordable Care ActPenaltiesReporting
Potential ACA Penalties: An Infographic
by Robert Sheenby Robert SheenAre you aware of the myriad of possible unnecessary penalties that can occur with violations of the Affordable Care Act? By now you’ve been informed of various possibilities, but they …
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Affordable Care ActHealth Care CoveragePolls/Surveys
Are High-Deductible Plans The Way To Go?
by Robert Sheenby Robert SheenIt should come as no surprise that as individuals obtain healthcare under the Affordable Care Act, the greatest concern is cost. From individual plans to employer-sponsored plans, individuals want the …
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ACA ComplianceHealth Insurance Marketplace
It’s A Brand New Day For Marketplace Notices And Appeals
by Robert Sheenby Robert SheenOver the course of the year, many employers participated in a widespread panic over notices mailed to them from the ACA’s Health Insurance Marketplace. These notices summarized that an employee …
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Affordable Care ActMinimum Essential Coverage
Minimum Essential Coverage: Looking Ahead Toward 2016 Reporting
by Robert Sheenby Robert SheenLet’s call the details of the Affordable Care Act a work in progress, even still. Since its humble 2010 beginnings, the ACA has evolved based upon the needs of (almost) …
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Affordable Care Act
The ACA’s 2016 Reporting Forms Are Changing: View The IRS Drafts
by Robert Sheenby Robert SheenOver the past two months, the IRS has gradually rolled out ACA reporting forms for 2016. So far? 1094-B and 1095-B have been changed, as well as 1094-C and 1095-C. …
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By the time July kicked off, many employers received notices from the Health Insurance Marketplace aka “the Exchange,” provided by the Affordable Care Act where individuals and families can obtain …
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One of the most talked about issues regarding employers and health care for their employees is under Internal Revenue Code 4980H. This Code, being Shared Responsibility for Employers Regarding Health …
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Affordable Care ActHealth Care Coverage
Deciphering Expatriate Health Plans
by Robert Sheenby Robert SheenExpatriate health plans (or “Expat Health Plans”) have led to much confusion ever since the ACA came into effect in 2010. Simply put, expats (or anyone living/working abroad) struggled with …
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Affordable Care ActPenalties
SBA Posts New Interim Rule on SBA Loan Review Decisions Under the Paycheck Protection Program (PPP)
by Robert Sheenby Robert SheenPenalties are no joking matter when it comes to employers and the Affordable Care Act. A slip up in paperwork, negligence in reporting, or not offering minimum essential coverage to …
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Affordable Care ActHealth Insurance Marketplace
Marketplace Notices: They’re Not (Always) As Bad As You Think
by Robert Sheenby Robert SheenIn May, the ACA Times released an article detailing what exactly a notice from the Health Insurance Marketplace entails. As previously stated, this notice is to inform employers that one …
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Affordable Care ActHealth Care CoveragePenalties
ACA Modifications: We’re Not In 2010 Anymore
by Robert Sheenby Robert SheenWhen the Affordable Care Act (ACA) was first enacted in 2010, it was with the understanding that changes would be made to the ACA after the fact. Health care reform …
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ACA AuditACA CompliancePenalties
To Audit Or Not To Audit: How An ACA Audit Can Save Your Company’s Pockets
by Robert Sheenby Robert SheenIt feels like the year of penalties for employers this tax season, primarily those classified by the ACA for an Applicable Large Employer (50+ full-time equivalents). This is due largely …
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Affordable Care ActHealth Care CoveragePenalties
The 5W’s Of Employer Notices: Don’t Be Penalized
by Robert Sheenby Robert SheenIt’s notice season! As an employer, you may have received a letter regarding the health care coverage of one or more of your employees. Could this notice lead to penalties …
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Affordable Care ActHealth Care CoverageRegulations
Is Individual Shared Responsibility Your Responsibility?
by Robert Sheenby Robert SheenSince the implementation of the Affordable Care Act, the goal in mind is to ensure that every American has received or has been given access to adequate health coverage. While …
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Affordable Care ActHealth Care CoverageHealth Insurance Marketplace
Do You Have Minimum Essential Coverage?
by Robert Sheenby Robert SheenUnder the Affordable Care Act, individuals and families are generally required to have minimum essential coverage in order to avoid year-end penalties or shared responsibility payments. This coverage can be …
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Affordable Care Act
Coverage Offer Can Affect Shared Responsibility Payment
by Robert Sheenby Robert SheenUnder the Affordable Care Act, applicable large employers are subject to the employer shared responsibility provisions. They must either offer affordable minimum essential coverage to full-time employees and their dependents, …
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Affordable Care ActPremium Tax Credit
Tools to Estimate ACA Fees and Credits
by Robert Sheenby Robert SheenThe IRS has developed tools for employers and individuals to estimate their credits and payments related to the Affordable Care Act. The tools, available online, only provide an estimate intended …