IRS Deadline Extended 2019: Employers get extra time to distribute form 1095-C

IRS Deadline Extended 2019: Employers get extra time to distribute form 1095-C

The IRS has yet again extended the annual deadline for distributing form 1095-C for the 2018 tax year. The new deadline for form distribution to full time employees (required under the Affordable Care Act ACA) is March 4, 2019. This deadline was extended from the original due date of Jan 31, 2019 effectively giving large employers 32 additional days to comply.

On November 29th the IRS released notice 2018-94, which serves to extend the due date for certain 2018 information-reporting requirements for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code […] Read more

New Partnerships: SelfInsuredReporting.com

New Partnerships: SelfInsuredReporting.com

We are pleased to announce a strategic partnership with Self Insured Reporting to the benefit of our clients.

SelfInsuredReporting.com is a financial reporting and claim analytics system specifically designed for self insured employers.  Their platform helps you quickly answer questions such as:

How is our plan performing versus our budget for the year? How about our stop loss contract?
What are the costs expected to be for the rest of the plan year? What is my expected renewal?
How are the medical and pharmacy claims trending for each plan? What about network performance?
How are claims trending for conditions such as cancer or diabetes?
Which providers […] Read more

IRS continues to lay the groundwork for 2016 ACA reporting penalties

IRS continues to lay the groundwork for 2016 ACA reporting penalties

By now, many employers have received penalty assessments (Letter 226J) for noncompliance with the employer mandate in the tax year 2015. These penalty letters where not issues until Nov 1st of 2017. However, U.S. Treasury Inspector General for Tax Administration (TIGTA) reports from this year show that the IRS is gearing up to begin issuing penalty letters for the 2016 tax year very soon.

At Sky Insurance Tech, we do a good deal of penalty consulting for prospective clients. These are almost always clients that did their reporting with a lower priced, sub-par vendor, if they did their reporting at all. […] Read more

Individual Health Insurance Mandates Being Signed into Law at the State Level

Individual Health Insurance Mandates Being Signed into Law at the State Level

On Wednesday June 27th the New Jersey Health Insurance Market Preservation Act was signed into law. This was just the latest development in an effort for several states who are attempting to enact Mandated health insurance at the State level.

The New Jersey law in effect enforces residents, by way of penalty, to enroll in qualified health insurance. This law will be enacted on October 1, 2018 and will apply to taxable years beginning Jan 1, 2019.

It is being said that in many ways this Mandate was designed to mirror the Mandates brought forth by the Affordable Care Act (ACA). Here […] Read more

How will the upcoming mid-terms affect the need for Employer based healthcare reporting?

How will the upcoming mid-terms affect the need for Employer based healthcare reporting?

 

A LITTLE BIT OF CONTEXT

Here we are, 2018 and staring down the barrel of another upcoming election. This time will it be the Democrats who takeover control of congress? Will the Republicans maintain their stronghold and gain seats? How will the outcome of this election shape the landscape for ACA reporting going forward? The answer might not be what you think.

We’ve watched for years now as Republicans have fought to fulfill their promise of dismantling the Affordable Care act and along with it, the unpopular Employer Mandate. This mandate has required employers with 50 or more full time employees to […] Read more

IRS Employer Mandate Enforcement Begins

The IRS maintains a very comprehensive Frequently Asked Questions (FAQ) document regarding ACA compliance for employers and until yesterday they had been silent regarding the enforcement of employer mandate penalties.  That now has changed, and employers should expect to begin seeing penalty letters in November and December of 2017.  These first letters will be for the enforcement of 2015 ACA penalties and will begin their efforts to audit compliance.

So with this update we now know a few things:

Is the IRS going to enforce the ACA employer mandate penalties?

Yes, beginning with the 2015 reporting submitted by employers.

 

When will they begin enforcing […] Read more

IRS Begins Enforcing ACA Mandates

Today the IRS has issued a warning that they will begin implementing the ACA mandate penalties.  Also, they will not accept 2017 income tax returns that do not comply with the Affordable Care Act rules which require each person to disclose the type of health insurance coverage they maintained for the year.

 

“Obviously, this has an impact on employers.  Most employers have worked to stay compliant with the requires ACA reporting requirements, however there still are many employers … believe it or not … who have simply disregarded reporting up to this point.  With the mandates being enforced, this is going […] Read more

How Obamacare Repeal Failed, Then Failed Again

How Obamacare Repeal Failed, Then Failed Again

In the Beginning….

Last November the world watched as Republicans won the white house along with majority control of Congress. With the notion of “repeal and replace” being at the forefront of almost every Republican campaign, it seemed as if quick action toward that end was inevitable. House Speaker Paul Ryan along with Senate Majority leader Mitch McConnell (R-Ky) almost immediately began moving forward with what they were calling a “Straight Obamacare Repeal Bill”.

The aim of the bill would be simple. Repeal the Affordable Care Act (Obamacare) now, then allow for a two-year transitional period to craft a replacement. The plan […] Read more

Update on Senate Healthcare Bill

Update on Senate Healthcare Bill

SUMMARY:

A new Republican Healthcare Bill is expected in the next 48 hours
Senators Cruz and Lee have drafted a conservative Amendment for the new Bill
Opposition is already growing within the Senate even before the release of new legislation
Senator Lindsey Graham is attempting to draft a Bipartisan bill in hopes of gaining democratic support
Bipartisan support may be the only way forward for new legislation

NEW BILL AND DELAYED AUGUST RECESS

After several failed attempts to build consensus behind the proposed Healthcare Bill, the GOP controlled Senate is now making a last ditch effort to finally “Repeal and Replace” Obamacare. On Thursday of this week […] Read more

What is in the Senate Healthcare Bill?

Overview:

Added Restrictions for Premium Tax Credits to go into effect in 2020
Modifications to Limitations on Premium Assistance Amounts
Elimination of Eligibility Exceptions For Employer Sponsored Coverage in 2020
Retroactive Elimination of Individual Mandate and Employer Mandate Penalties
Employer Reporting Requirement in place until at Least 2020
Funding for Cost Sharing Reduction Payments through 2019
Longer Phase out of Medicaid Expansion
Elimination of Tax Credits for plans that cover abortion
Repeal of all Obamacare taxes with the exception of the Cadillac Tax

The Senate released their draft version of the Obamacare repeal and replace bill on Thursday June 22nd.  The Bill is being referred to as the “Better Care […] Read more