On Dec. 22, 2017, the IRS issued a notice that delays the furnishing deadline for 2017 Affordable Care Act (ACA) reporting and President Donald Trump signed the tax reform bill, called the Tax Cuts and Jobs Act, into law, eliminating the individual mandate penalty beginning in 2019. This article briefly summarizes the implications of both of these actions.
On Jan. 22, 2018, President Donald Trump signed into law a short-term continuing spending resolution to end the government shutdown and continue funding through Feb. 8, 2018. The continuing resolution impacts three taxes and fees under the Affordable Care Act (ACA).
On Jan. 5, 2018, the Department of Labor (DOL) announced that, effective April 1, 2018, employee benefit plans must comply with new requirements for disability benefit claims.
In 2016, the DOL released a final rule to strengthen the claims and appeals requirements for plans that provide disability benefits and are subject to the Employee Retirement Income Security Act (ERISA). The final rule was scheduled to apply to claims that are filed on or after Jan. 1, 2018. However, on Nov. 24, 2017, the DOL delayed the final rule for 90 days—until April 1, 2018—to give stakeholders the opportunity to submit comments on the final rule’s benefits and costs.
On Dec. 20, 2017, the tax reform bill, called the Tax Cuts and Jobs Act, passed both the U.S. Senate and the U.S. House of Representatives. The bill is expected to be signed into law by President Donald Trump shortly.
This tax reform bill makes significant changes to the federal tax code. The bill does not impact the majority of the Affordable Care Act (ACA) tax provisions. However, it does reduce the ACA’s individual shared responsibility (or individual mandate) penalty to zero, effective beginning in 2019.
On Dec. 20, 2017, the tax reform bill, called the Tax Cuts and Jobs Act, passed both the U.S. Senate and the U.S. House of Representatives. The bill is now expected to be signed into law by President Trump shortly. Here is an overview of the tax reform bill and its potential impact on employers.
In October, the IRS reversed a recent policy change in how it monitors compliance with the Affordable Care Act’s individual mandate. Individuals should keep the following in mind when filing 2017 tax returns...
On Oct. 27, 2017, the Department of Health and Human Services (HHS) released its proposed Notice of Benefit and Payment Parameters for 2019. This proposed rule describes benefit and payment parameters under the Affordable Care Act (ACA) that would be applicable for the 2019 benefit year. Proposed standards included in the rule relate to the following...
The Graham-Cassidy bill, the most recent Republican effort to repeal and replace the Affordable Care Act (ACA), was withdrawn from a vote on Sept. 26 due to lack of support in the Senate, effectively dooming the legislation.
Earlier that week, key Republican senators voiced opposition to the bill, which forced Senate leadership to shelf the vote until further notice. Given the vocal opposition from influential health organizations and lawmakers on both sides of the aisle, the proposed bill would need a variety of amendments before plausibly moving forward.
The ACA imposes a maximum dollar limit on employees' salary reduction contributions to a health FSA. Although the ACA set this limit at $2,500, the limit is indexed for cost-of-living adjustments each year. On Oct. 19, 2017, the IRS announced that, for taxable years beginning in 2018, the dollar limit on employees' salary reduction contributions to a health FSA will increase to $2,650.