The IRS recently issued Notice 2017-38, which revealed the results of the Treasury Department’s review of all “significant tax regulations” per President Trump’s Executive Order 13789 issued in April 2017. …
Reporting
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Employee MisclassificationIRS
IRS Tax Documents Assist Decision In Classification Case
by Robert Sheenby Robert SheenWith misclassification suits becoming more and more frequent, the latest case suggests that tax returns might be subject to mandatory disclosure in resolving classification issues. In a recent case, Mescalero …
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Affordable Care ActEmployee Misclassification
Misclassification of Employees Can Lead to Big Penalties Under the ACA
by Robert Sheenby Robert SheenThe Employer Mandate under the Affordable Care Act subjects Applicable Large Employers (ALEs) to penalties for failing to offer their full time employees healthcare coverage. Moreover, the ALE is subject …
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ACA ComplianceIRS
What To Do When An IRS Letter Lands In Your Mailbox
by Robert Sheenby Robert SheenThe dreaded IRS letter. It can mean anything or nothing at all. As tax season for the 2016 tax year is coming to an end for most, so begins the …
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ACA ComplianceAffordable Care Act
Life After The Proposed AHCA: An Employer’s Tip Sheet
by Robert Sheenby Robert SheenGoodbye AHCA, hello ACA. Again. While President Trump’s attempt to repeal and replace the Affordable Care Act (ACA) with the American Health Care Act (AHCA) has left many Americans relieved …
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Affordable Care Act
Businesses Need to Make Affordable Care Act Filings with the IRS by March 31 or Request an Automatic Extension
by Robert Sheenby Robert SheenSome businesses may have suffered from wishful thinking when the legislation to repeal and replace the Patient Protection and Affordable Care Act (ACA) was proposed by Speaker Ryan and trumpeted …
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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 ActRegulations
House Republican Leadership Announce Their ACA Repeal and Replace Bill
by Robert Sheenby Robert SheenThe Republican leadership in the House recently proposed its ACA repeal and replace bill. It remains uncertain as to whether Republicans can secure enough support amongst themselves to pass the …
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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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Affordable Care Act
Does The Newly Revised HHS 2017 Calendar Suggest A Delayed ACA Repeal?
by Robert Sheenby Robert SheenWhile the Trump Administration’s proposed rule for market stabilization was circulated in the middle of February, also included were date changes for 2017 and 2018 by the Department of Health …
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ACA AuditACA ComplianceAffordable Care ActHealth Care CoverageReporting
The ACA Exchange Appeals Process
by Robert Sheenby Robert SheenThe Exchanges in the Health Insurance Marketplace have been issuing out notices to employers. Each such Notice indicates to the employer that it may be subject to penalties for failing …
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IRSRegulationsReporting
IRS Clarifies De Minimis Error Safe Harbor For Information Return Penalties
by Robert Sheenby Robert SheenThe IRS recently published Notice 2017-9 announcing its intent to issue regulations regarding the obligation of a payor (e.g., employer) to document payee (e.g., employee) elections for application of the …
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ACA ComplianceReporting
ACA Reporting And The IRS: What To Know About The Letter You Received
by Robert Sheenby Robert SheenAt the close of 2016, the IRS letters mailed notices to employers, signaling the start of the IRS’s Affordable Care Act (ACA) audit process. Despite much talk of an ACA …
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ACA ComplianceAffordable Care ActReporting
The Reality Of ACA Penalties Post-Repeal
by Robert Sheenby Robert SheenAs Donald J. Trump officially takes his seat as the 45th President of the United States, we inch closer to the reality of an Affordable Care Act repeal. While the …
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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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ACA ComplianceReporting
The IRS ACA Audit Has Begun: What To Do To Avoid Penalties
by Robert Sheenby Robert SheenA round of IRS letters have been mailed out to employers, signifying the start of the IRS’s Affordable Care Act audit process. As the Congressional Budget Office (CBO) anticipates nine …
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Affordable Care ActRegulationsReporting
IRS Releases Proposed Regulations For Health Insurance Provider Fees
by Robert Sheenby Robert SheenSection 9010 of the Affordable Care Act surrounds Health Insurance Provider Fees and the IRS has released some new proposed regulations for reporting information among other changes. See IRS REG-123829-16 …
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Form 5500Reporting
Proposed Changes To Form 5500? Here Are Some More Per AICPA
by Robert Sheenby Robert SheenOver the past year, Form 5500 has gone through changes and proposed modifications in an effort to streamline healthcare information reporting on the part of employers. The Department of Labor, …
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ACA Compliance
Regardless of Election & Rhetoric, Employers Are Still on the Hook for 2016 ACA Reporting
by Robert Sheenby Robert SheenIt remains unclear whether Trump and the Republican-majority Congress will repeal and replace the ACA. Shortly after loudly pledging that he will repeal and replace the ACA, just three days …
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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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Applicable Large Employer (ALE)Reporting
A Vital Infographic For All ALEs
by Robert Sheenby Robert SheenThe IRS has released a 7-point breakdown of pertinent information for Applicable Large Employers or “ALEs” in anticipation of the upcoming deadline for information reporting for the 2016 tax year. …
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2016 Presidential ElectionACA ComplianceReporting
With Trump Election Employers Still on Hook for 2016 ACA Reporting
by Robert Sheenby Robert SheenWith the stunning election of Donald Trump as President comes a serious question of what happens to the Employer Mandate under the Affordable Care Act (ACA), also known as “Obamacare.” …
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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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Affordable Care ActHealth Care Coverage
Form 5500’s Proposed Changes: An Update
by Robert Sheenby Robert SheenNews that the DOL planned to change Form 5500 surfaced several weeks ago and now more information has become available. In line with recent increased focus from the DOL and …
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Department of Labor (DOL)
The DOL Proposes Revisions To Form 5500: Here’s What We Know So Far
by Robert Sheenby Robert SheenForm 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan may be receiving some changes effective January 1, 2019 should …
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Affordable Care ActAIR
Breathe A Sigh Of Relief: AIR Is Still Available
by Robert Sheenby Robert SheenMany employers have struggled with their health care information reporting for the 2015 tax year. Those difficulties include confusing forms, tedious reporting processes, and technological setbacks. While penalties are perhaps …
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ACA ComplianceTIGTA
Is Cybersecurity An Issue When Using The ACV? The TIGTA Weighs In
by Robert Sheenby Robert SheenThe Treasury Inspector General for Tax Administration (TIGTA) released a report highlighting security and testing risks when determining ACA compliance through the IRS’s ACA Compliance Validation System (ACV). Considering the …
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Affordable Care ActAIRPenaltiesRegulations
Demystifying “Good Faith” And “Reasonable Cause”
by Robert Sheenby Robert SheenIt was just a week ago that the IRS held their Affordable Care Act Information Returns Program (AIR) meeting, and with it came the annual publication (1586) highlighting several procedures …
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The Internal Revenue Service said it will propose a number of changes in the regulations on reports related to the Affordable Care Act. All of the proposed changes will have …
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The Internal Revenue Service (IRS) issued a reminder that all employers that provide self-insured health coverage, must file an annual return reporting certain information for each employee they cover. If …
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Penalties in sections of the Internal Revenue Code relating to the failure to timely file correct and complete information in a return as well as the failure to timely distribute …