It has taken the federal government a long time to implement the requirement that health plans obtain a unique identification number under HIPAA, but a deadline has been set. Larger plans (with receipts of at least $5 million) must obtain this ID number by November 5, 2014. Smaller plans have an additional year to obtain [&hellip… Continue Reading »
Under the Affordable Care Act, employers are required to report information relating to both the employer mandate and the individual mandate. As a result of these new rules, employers will need to provide information to the government relevant to whether employers and individuals are meeting their responsibilities under these mandates. Employers also will have to [&hellip… Continue Reading »
The Internal Revenue Service has issued proposed regulations on reporting requirements under the Affordable Care Act (ACA). The regulations, released on September 9, 2013, address two separate ACA reporting requirements: one relating to the individual mandate and the other relating to the employer mandate. Failure to comply could result in tax penalties unless the failure [&hellip… Continue Reading »
In a series of three notices, the IRS has signaled the approach that it may take on certain key issues arising under the employer shared responsibility, or “pay or play,” provisions of the Affordable Care Act (ACA) and is seeking comment on these and other questions. All of the matters discussed in the notices will [&hellip… Continue Reading »
Although the pace of new legislation affecting health and other welfare benefits has slowed after the first two years of the Obama Administration, plan sponsors will find no shortage of developments to monitor and implement in 2012. This alert provides a very brief review of recent developments and matters to watch in the new calendar [&hellip… Continue Reading »
The Patient Protection and Affordable Care Act requires employers to report the aggregate cost of employer-sponsored health coverage on the Forms W-2 of its employees. In March 2011, the Internal Revenue Service issued interim guidance on the Form W-2 informational reporting requirement in the form of 31 Q&As. Recently, the Internal Revenue Service revised this [&hellip… Continue Reading »
The Internal Revenue Service has issued long-awaited guidance on a new requirement that employers report the cost of employee health coverage on Forms W-2. The goal of this Patient Protection and Affordable Care Act requirement is to provide useful and comparable consumer information to employees. The IRS guidance sets forth specific rules for reporting health [&hellip… Continue Reading »
Today, the IRS released Notice 2010-62, which provides that employers will not be required to report the cost of group health plan coverage on Form W-2 issued for 2011. Employers will welcome this notice, which will allow them additional time to modify their payroll systems and procedures to address this new health care reform reporting [&hellip… Continue Reading »
