2 minute read: Why should your organization care about IRS Letter 226J? Well, it could propose millions of dollars in ACA penalties against your organization. The Letter 226J notices are …
Penalties
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Originally published on July 26, 2018, in Accounting Today. 3 minute read: The Internal Revenue Service now has the data to begin the analysis to calculate the potential penalties for …
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Affordable Care ActIRS 226J/226-J
The IRS Storm of Letter 226J ACA Penalty Notices Continues
by Robert Sheenby Robert Sheen2 minute read: Another wave of Letter 226J penalty notices have been issued by the IRS, and all indications that this storm of tax notices will continue for the foreseeable …
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Affordable Care Act
The ACA’s Annual PCORI Fees Due to IRS at the End of July
by Robert Sheenby Robert Sheen2 minute read: The annual PCORI fees are due at the end of the month from health insurers and plan sponsors offering self-funded health insurance plans. On July 31, these …
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ACA Compliance
Association Health Plans Don’t Help Larger Employers with ACA Compliance
by Robert Sheenby Robert Sheen3 minute read: The Affordable Care Act’s employer mandate has been in effect for the past three years and IRS enforcement of the healthcare law has begun. At the same …
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Affordable Care ActHealth Care Coverage
More Americans Paying for ACA Health Plans
by Robert Sheenby Robert Sheen2 minute read: It’s no secret that replacing the law is a top priority for President Trump and a majority of Republicans in Congress. Recent data from the Centers for …
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Affordable Care ActIRS
IRS Enforcement of ACA Penalties Is No Surprise
by Robert Sheenby Robert Sheen4 minute read: The Affordable Care Act (ACA) was first enacted in 2010 under the Obama administration. A component of the ACA, the Employer Shared Responsibility Provision (ESRP), also referred …
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Affordable Care Act
Despite Presidential Rhetoric, ACA Employer Mandate Still Here
by Robert Sheenby Robert Sheen2 minute read: The Trump Administration has been vocal about what it believes are its successful efforts to repeal and replace the Affordable Care Act (ACA). At a recent campaign …
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Affordable Care ActHealth Care CoverageMedicaid
Medicaid Expansion Supports ACA Popularity
by Robert Sheenby Robert Sheen2 minute read: It’s not a mystery that the Affordable Care Act (ACA) is complex. Since its passage in 2010, the landscape of the healthcare industry and marketplace has changed …
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ACA ComplianceACA ReportingIRS 226J/226-J
These Errors Greatly Determine Your Penalty Assessment in IRS Letter 226J
by Robert Sheenby Robert Sheen3 minute read: The issuance of Letter 226J for IRS information filings submitted for the 2015 tax year has caught many organizations off guard. More than 30,000 notices have been …
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Affordable Care ActTIGTA
Latest TIGTA Report: ACA Penalties to Continue
by Robert Sheenby Robert Sheen4 minute read: The report from the Treasury Inspector General for Tax Administration always has some interesting information. The recently issued report on the Affordable Care Act (ACA) from March …
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Affordable Care Act
Feds Confirm Their Own ACA Emergency Care Cost Guidelines
by Robert Sheenby Robert Sheen4 minute read: It comes as no surprise that many organizations have had difficulty keeping up with the Affordable Care Act (ACA). Whether complying with the regulations under the employer …
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Affordable Care Act
ACA Backlash: Two States Create Their Own Individual Mandates
by Robert Sheenby Robert Sheen3 minute read: The Trump Administration effectively repealed the Affordable Care Act’s individual mandate when it made the penalties for an individual not obtaining healthcare $0 beginning 2019. What seemed …
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Health Care Coverage
Proposed California Bill Puts the State in Charge of Healthcare Costs
by Robert Sheenby Robert Sheen2 minute read: As the current White House and Congressional Republicans continue to snipe at the Affordable Care Act, some states are taking action to shore up the federal healthcare …
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ACA ReportingAffordable Care ActIRS
IRS Confirms Continued Enforcement of ACA Employer Mandate [UPDATE]
by Robert Sheenby Robert Sheen3 minute read: The evidence continues to mount that the employer mandate in the Affordable Care Act is not going away soon, if ever. And the process of the IRS …
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ACA Compliance
TIN Validation Errors with the IRS Can Affect ACA Compliance
by Robert Sheenby Robert Sheen2 minute read: A recent blog post from Robert Sheen discussed the IRS’s continuing efforts to enforce the Affordable Care Act’s employer mandate. On an annual basis, )applicable large employers …
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Affordable Care ActIRS 226J/226-J
Update to IRS 226J Infographic Now Includes IRS Letter 227
by Robert Sheenby Robert Sheen1 minute read: The Affordable Care Act (ACA) is complex. The ACA Penalty Process now being initiated by the IRS is no exception. With 30 days to respond upon receipt …
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Affordable Care ActHealthcare
ACA and Healthcare Grow in Popularity as Midterms Draw Near
by Robert Sheenby Robert Sheen2 minute read: Studies show that voters have prioritized healthcare as a top issue to be addressed in the upcoming 2018 midterm elections in November. For the first time in …
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Affordable Care Act
Keep Tabs on Seasonal Workers and Employees to Avoid ACA IRS Penalties
by Robert Sheenby Robert Sheen3 minute read: Fast forward to summer 2020. You’re taking a nice stroll along the beach, not a care in the world. You feel your phone vibrate and notice you’re …
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ACA ReportingAffordable Care ActIRS
ACA Employer Mandate Poses IRS and U.S. GAAP Complications
by Robert Sheenby Robert Sheen4 minute read: Originally published on April 18,2018, in Accounting Today. In most organizations, the task of ensuring compliance with the Affordable Care Act lies with the Human Resources team. …
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ACA ComplianceAffordable Care Act
New CMS Rule Keeps ACA Employer Mandate Intact
by Robert Sheenby Robert Sheen3 minute read: The Center for Medicare and Medicaid (CMS) has issued a final rule to expand short-term insurance options for Americans as part of the federal government’s continuing campaign …
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Affordable Care ActIRS
Advisers, Beware These Two Letters from the IRS
by Robert Sheenby Robert Sheen4 minute read: Originally published on April 4, 2018 in Employee Benefit Adviser. Advisers beware: Affordable Care Act penalties are being assessed by the IRS and the enforcement process is …
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ACA ReportingForm 1094-CForm 1095-C
1094-C/1095-C Audit Can Prevent IRS ACA Penalties
by Robert Sheenby Robert Sheen3 minute read: If your organization has met the deadline to file and furnish schedules 1094-C and 1095-C to the IRS for Affordable Care Act reporting for the 2017 tax …
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Affordable Care ActHealth Care Coverage
ACA Complexity to Grow as States Develop Their Own Healthcare Solutions [UPDATE]
by Robert Sheenby Robert Sheen5 minute read: The many false starts of the Republican-led effort to dismantle the Affordable Care Act (ACA), along with the Trump administration’s continued efforts to undermine the healthcare law, …
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ACA ReportingIRS
File ACA 1094-C/1095-C Information with IRS On Time to Avoid Penalties
by Robert Sheenby Robert Sheen2 minute read: With the deadline for providing Affordable Care Act (ACA) information filings to the IRS fast approaching, don’t forget about the late filing penalties under IRS Section 6721. …
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Affordable Care Act
Organizations Ignoring the ACA are at Financial Risk
by Robert Sheenby Robert Sheen5 minute read: It’s hard to believe, but many organizations continue to be in denial about their need to comply with the Affordable Care Act (ACA). Time and time again …
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ACA ComplianceACA ReportingIRS
Time to Check Your Work with IRS ACA Filing Deadline Approaching
by Robert Sheenby Robert Sheen3 minute read: The April 2 deadline is fast approaching for filing information related to the Affordable Care Act (ACA). Credit to your organization if it’s putting the finishing touches …
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Affordable Care ActIRS 226J/226-J
It’s Crunch Time! IRS Deadlines for ACA Informational Filings Start Today
by Robert Sheenby Robert SheenIt can sneak up on employers quickly. Today is the IRS deadline for employers to provide paper filings of forms 1094-C and 1095-C as part of the required ACA information …
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Affordable Care ActIRS
ACA Employer Mandate Poses IRS and US GAAP Complications
by Robert Sheenby Robert SheenYou would think it would go without saying, but let’s say it. The Affordable Care Act (ACA) and its employer mandate have tax and financial implications. And that means it’s …
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ACA ComplianceLawsuits
After Settlement Rejected, Dave & Buster’s Court Case Continues
by Robert Sheenby Robert SheenThe class action lawsuit filed in federal courts in New York’s Southern District against entertainment and restaurant chain Dave & Buster’s is continuing after the judge in the case rejected …
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Affordable Care ActHealth Care CoverageHealth Insurance Marketplace
2018 Affordable Care Act Enrollment Shows Marketplace Stabilizing
by Robert Sheenby Robert SheenThe Centers for Medicare and Medicaid Services (CMS) plan to release a more detailed 2018 enrollment report in March for the recent open enrollment under the Affordable Care Act, including …
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ACA ReportingIRS
Expect IRS to Enforce the ACA’S Individual and Employer Mandates [UPDATE]
by Robert Sheenby Robert SheenThe approval of tax reform legislation by Congress may ultimately have an impact on the Affordable Care Act (ACA) in 2019. That’s when the legislation essentially repeals the individual mandate …
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IRS 226J/226-JPremium Tax Credit
Employees Obtaining Premium Tax Credits Can Trigger IRS Letter 226J for Employers
by Robert Sheenby Robert SheenIndividual taxpayers who obtain Premium Tax Credits from the federal government to subsidize health insurance plans purchased on government healthcare exchanges under the Affordable Care Act (ACA) will be filing …
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Affordable Care ActIRS 226J/226-J
Online ACA Resource Center Offers Free Information to Aid 2017 IRS Filings
by Robert Sheenby Robert SheenThrough The ACA Times, we regularly provide information that we hope has helped make it easier for organizations to deal with the complexities of the Affordable Care Act (ACA). We …
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Affordable Care ActIRS 226J/226-J
INFOGRAPHIC: How to Respond to IRS Letter 226J
by Robert Sheenby Robert SheenThe Affordable Care Act (ACA) is complex. The ACA Penalty Process now being initiated by the IRS is no exception. With 30 days to respond upon receipt of IRS Letter …
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Affordable Care ActIRS 226J/226-J
Two Errors That Are Triggering ACA Employer Shared Responsibility Payments from the IRS
by Robert Sheenby Robert SheenSome trends are emerging on what is triggering the IRS to issue Letter 226J notices to organizations. Since November, the IRS has been sending notices to organizations that failed to …
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ACA ComplianceEmployee Misclassification
Worker Misclassification Can Impact ACA Compliance
by Robert Sheenby Robert SheenOn December 31, 2017, the North Carolina Employee Fair Classification Act (EFCA) took effect. The new law allows for heightened investigations into those employers that are allegedly misclassifying their workers …
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Affordable Care ActHealth Care Coverage
As Congress Moves To Remove Individual Mandate, States Seek Their Own Version
by Robert Sheenby Robert SheenIt was a decade ago when Massachusettsimplemented its own individual mandate that required state residents to obtain health insurance or face financial ramifications. Nationwide, that rule became the framework of …
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Affordable Care ActIRS 226J/226-J
Despite Tax Reform, Expect IRS to Enforce the ACA’s Individual and Employer Mandates
by Robert Sheenby Robert SheenThe approval of tax reform legislation by Congress may ultimately have an impact on the Affordable Care Act (ACA) in 2019. That’s when the legislation essentially repeals the individual mandate …
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ACA ComplianceAffordable Care ActIRS
IRS Extension of Good Faith Relief is Good and Bad News
by Robert Sheenby Robert SheenAs the saying goes, I have some good news and some bad news. For the good news, the IRS has extended good faith relief for information-reporting requirements for the Affordable …
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ACA ComplianceTax Reform
ACA Individual Mandate is Set to be Gone, but Desire for Health Insurance Remains
by Robert Sheenby Robert SheenAs part of tax reform legislation passed by Congress, the individual mandate provision in the ACA requiring every American citizen to obtain health insurance or pay an annual financial penalty …
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Affordable Care ActIRS
The IRS Issues Guidance on the ACA’s Individual Mandate While Congress Looks to Repeal It
by Robert Sheenby Robert SheenDuring 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 …
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Affordable Care ActTax Reform
Tax Reform Bills Keep ACA Employer Mandate Intact
by Robert Sheenby Robert SheenThrowback Thursday Feature from Wednesday, December 6, 2017. When the U.S. House and Senate Republicans meet in conference to discuss how they will reconcile their two different tax reform legislations, among …
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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 ActIRS 226J/226-J
IRS Letter 226J Infographic Details Response Process [Updated]
by Robert Sheenby Robert SheenUpdated from original blog post on December 4, 2017. As more organizations start to prepare for the possibility of receiving a holiday greeting from the IRS in the form of …
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Affordable Care ActIRS 226J/226-J
IRS Provides Information on Responding to Letter 226J
by Robert Sheenby Robert SheenThe IRS has posted information on its website regarding Letter 226J, the initial letter issued to Applicable Large Employers (ALEs) – those organizations with 50 or more full-time or full-time …
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Affordable Care ActHealth Care Coverage
ACA Enrollment Continues at Faster Pace From Previous Year
by Robert Sheenby Robert SheenThey say that you don’t know what you’ve got till it’s gone, a theory that may be true for the Affordable Care Act (ACA). It was just months ago when …
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Affordable Care ActHealth Insurance Marketplace
The Healthcare Marketplace is Stabilizing Around the ACA
by Robert Sheenby Robert SheenWe are well into open enrollment period for the Affordable Care Act (ACA). Despite significant increases in premium rates for 2018, enrollment for healthcare coverage on HealthCare.gov is higher than …
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ACA ComplianceAffordable Care ActIRS 226J/226-J
The IRS is Sending Million Dollar ACA Penalty Notices to Employers
by Robert Sheenby Robert SheenThe letter no one wants is now in the mail! (click the image for the full letter) Applicable Large Employers (ALEs), employers with 50 or more full-time or full-time equivalent …