United Benefit Advisors Insight and Analysis Blog

Extra, Extra! ACA Tax News, Read All About It!

Posted by: Jennifer Stanley    Jun 10, 2016 10:30:00 AM

The Patient Protection and Affordable Care Act of 2010 (ACA) has many tax provisions written within its 906 pages. I’ll give a brief overview of the taxes, and sprinkle in some good news among some not-so-good news.

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Topics: ACA, PPACA, Patient Centered Outcomes Research Institute, Transitional Reinsurance Fee, Jennifer Kupper, Play or Pay, Cadillac Tax, employer shared responsibility, ACA excise tax, ACA penalties, health insurers providers fee

IRS Updates FAQs Related to 6055/6056 Reporting

Posted by: Danielle Capilla    Feb 4, 2016 12:00:00 PM

The long-standing IRS FAQs related to reporting under sections 6055 and 6056 on requirements provided by the Patient Protection and Affordable Care Act (ACA) have been updated to reflect new information. Final instructions for both the 1094-B and 1095-B and the 1094-C and 1095-C were released in September 2015, as were the final forms for 1094-B, 1095-B, 1094-C, and 1095-C. On December 28, 2015, in Notice 2016-04, the IRS extended the information reporting due dates for insurers, self-insuring employers, other health coverage providers and applicable large employers. The updated FAQs take the information from Notice 2016-04 into account.

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Topics: ACA, IRS Form 1095, IRS Form 1094, employer shared responsibility, Danielle Capilla, Affordable Care Act, ACA Section 6055, ACA Section 6056, individual shared responsibility

IRS Provides Major Delay in 6055 and 6056 Reporting

Posted by: Danielle Capilla    Jan 14, 2016 12:00:00 PM

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance, while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium tax credits are entitled to them, and (3) ALEs are meeting their shared responsibility (play or pay) obligations, employers with 50 or more full-time or full-time equivalent employees and insurers will be required to report on the health coverage they offer.

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Topics: ACA, minimum essential coverage, employer shared responsibility, Danielle Capilla, Affordable Care Act, applicable large employers, ACA reporting, IRS Form 6055 and 6056

IRS Notice on Minimum Essential Coverage Reporting

Posted by: Danielle Capilla    Oct 8, 2015 12:00:00 PM

Minimum essential coverage or "MEC" is the type of coverage that an individual must have under the Patient Protection and Affordable Care Act (ACA). Employers that are subject to the ACA's shared responsibility provisions (often called play or pay) must offer MEC coverage that is affordable and provides minimum value.

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Topics: ACA, PPACA Affordable Care Act, minimum essential coverage, employer shared responsibility, play or pay requirements

Perfect Attendance! How to Handle Leaves of Absence under the ACA

Posted by: Danielle Capilla    Oct 6, 2015 12:00:00 PM

The Patient Protection and Affordable Care Act (ACA) requires applicable large employers (ALEs) to offer full-time employees health coverage, or pay one of two employer shared responsibility penalties. An ALE is an employer with 50 or more full-time or full-time equivalent employees (for 2015, this threshold is 100). A full-time employee is an employee who works 30 hours or more a week.

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Topics: ACA, PPACA Affordable Care Act, leave of absence, employer shared responsibility, applicable large employers, counting employees

IRS Releases Draft 2015 Forms for 6055/6056 Reporting

Posted by: Danielle Capilla    Jul 16, 2015 12:00:00 PM

Health insurance taxesBackground

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees.

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Topics: PPACA Affordable Care Act, 6055 Reporting, 6056 Reporting, Play or Pay, Individual mandate, employer shared responsibility, Danielle Capilla

Potential Employer Penalties under the Patient Protection and Affordable Care Act

Posted by: Danielle Capilla    May 7, 2015 12:00:00 PM

Employers that do not meet the requirements of the Patient Protection and Affordable Care Act (PPACA) need to be concerned about several potential penalties. Two significant penalties include the excise tax, which can be as much as $100 per affected individual per day, and the penalties that larger employers must pay if they do not meet their employer-shared responsibility/play or pay obligations.

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Topics: PPACA Affordable Care Act, Play or Pay, excise tax, employer shared responsibility, IRS Form 8928

Supreme Court Hears Oral Argument in Subsidy Eligibility Battle

Posted by: Danielle Capilla    Apr 2, 2015 12:00:00 PM

Supreme Court Hears Oral Argument in Subsidy Eligibility BattleOn March 4, 2015, the U.S. Supreme Court heard oral arguments in King v. Burwell, a case that centers on the meaning of statutory language in the Patient Protection and Affordable Care Act (PPACA). At question in the case is whether or not the Internal Revenue Service (IRS) may issue regulations to extend tax-credit subsidies to coverage purchased through health Exchanges established by the federal government via the Department of Health and Human Services (HHS) under Section 1321 of PPACA.

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Topics: health insurance exchanges, PPACA Affordable Care Act, Play or Pay, health care subsidies, employer shared responsibility, tax-credit subsidy