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IRS Extends ACA Reporting Deadline

The Internal Revenue Service (IRS) recently issued Notice 2019-63, which, once again, extends the deadline for Affordable Care Act (ACA) reporting requirements under Code Sections 6055 and 6056 . Originally scheduled for January 31, 2020, the deadline for reporting to employees and covered individuals is now March 2, 2020. This extension is automatic, and the […]
December 6, 2019

Deadline for ACA Reporting Extended

The IRS announced (Notice 2018-94) that the deadline for the 2018 reporting requirements under Sections 6055 and 6056 of the Affordable Care Act (ACA) has been extended. This extension is applicable to the distribution of the forms to employees and covered individuals only, not the filing of the forms with the IRS. The deadline for […]
December 7, 2018

Deadline for ACA Reporting Extended

On November 18, 2016, the IRS announced (Notice 2016-70) that the deadline for 2016 reporting requirements under Sections 6055 and 6056 have been extended. This extension is applicable to the distribution of the forms to employees and covered individuals only, not the filing of the forms with the IRS. An automatic extension of 30 days […]
November 21, 2016

ACA Reporting Requirements – Due Date Extended

Few things have caused as much handwriting for employers as the new healthcare coverage reporting that was originally due to employees by February 1, 2016. Employers and advisors alike can breathe a temporary sigh of relief given the Internal Revenue Service (IRS)’s recent extension of the due date for Affordable Care Act (ACA) reporting. IRS […]
December 30, 2015

IRS Provides Penalty Relief to Small Employers Sponsoring Premium Payment Arrangements

The IRS recently released yet another notice (2015-17) related to health coverage reimbursements for small employers. Small employers (those with 50 or fewer employees or full-time employees in 2014) will be glad to know that this new notice actually brings some good news, as the preceding related notices generally have not. Under the Affordable Care […]
February 25, 2015

How to Get Your ACA Tax Credit When You’re a Tax-Exempt Organization

Under the Affordable Care Act (ACA), a small employer can claim a portion of insurance premiums paid as a tax credit. But what do you do if you are a tax-exempt organization? Don’t worry! You can still claim the credit if your organization is eligible. Eligible tax-exempt organizations can claim up to 35% of premiums paid. […]
February 12, 2015

The ACA Health Insurance Mandate for Individual Taxpayers

Beginning January 1, 2014, as a result of Patient Protection and Affordable Care Act (ACA), most individuals are required to have health insurance coverage. The ACA requires that an applicable individual and any dependent must maintain a “minimum essential coverage” (MEC) for each month during 2014. Most individuals who now have coverage through an employer-sponsored […]
January 20, 2015
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IRS Releases New Guidance for ACA Compliance

The IRS released fact sheets 2014-09 discussing the Affordable Care Act (ACA) as it pertains to individuals, and 2014-10 discussing the ACA as it pertains to employers.  These fact sheets provide a helpful overview in gaining a broad understanding of essence of the ACA. In short, all individuals, with very limited exceptions, must have insurance […]
November 20, 2014

IRS Releases Draft Forms for ACA’s Coverage Reporting Requirements

One of the fundamental goals of the Affordable Care Act “ACA” is health coverage for all. With that goal comes new reporting requirements for employers and insurance companies offering health coverage. The IRS recently released drafts of the forms that will be used to report 2015 coverage information in early 2016. Employers with more than […]
August 19, 2014

Reimbursement for Health Insurance Premiums Under ACA

As companies continue to look for the most cost effective ways to provide health insurance to their employees, they may be tempted to reimburse the employees for coverage obtained outside of the business. Even before the ACA, it was not uncommon for employers to reimburse tax-free some or all of the premiums employees incurred to […]
August 7, 2014