ComplianceMnthlyRecap MH 5.16.22

IRS Releases an Opinion Letter on the Collection of Employer Shared Responsibility Penalties

Posted by: Matthew Meidell    Apr 7, 2020 12:30:00 PM

UBA-1000_March_Compliance_OpinionLetter_jrThe Internal Revenue Service (IRS) released an opinion letter addressing whether the employer shared responsibility penalties (ESRPs) under the Patient Protection and Affordable Care Act (ACA) are subject to a statute of limitations regarding IRS collection of the penalty amounts. In the opinion letter, the IRS states that ESRPs are not subject to a statute of limitations.

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Topics: compliance, ACA, IRS, ESRPs

IRS Releases Final ACA Reporting Instructions and Forms for 2019 and Provides Penalty Relief and Deadline Extension

Posted by: Matthew Meidell    Feb 27, 2020 6:15:00 AM

Compliance_IRS_Instructions_Final_Forms__Penalty_Relief

The Internal Revenue Service (IRS) released final instructions for both the 1094-B and 1095-B forms and the 1094-C and 1095-C forms and the final forms for 1094-B, 1095-B, 1094-C, and 1095-C. There are no substantive changes in the forms or instructions between 2018 and 2019.

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Topics: ACA, IRS, compliance recap, Penalty Relief

IRS Releases Draft 2019 Instructions for Forms 1094-B, 1095-B, 1094-C, and 1095-C

Posted by: Karen Hsu    Jan 7, 2020 10:07:41 AM

The IRS released draft instructions for both the 1094-B and 1095-B forms and the 1094-C and 1095-C forms and the draft forms for 1094-B, 1095-B, 1094-C, and 1095-C. There are no substantive changes in the forms or instructions between 2018 and 2019.

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Topics: compliance, IRS

IRS Releases Information Letter on Employer Shared Responsibility Penalties under the ACA

Posted by: Karen Hsu    Nov 7, 2019 8:45:00 AM

The Internal Revenue Services (IRS) released an information letter responding to an inquiry of whether employer shared responsibility penalties (ESRPs) may be waived or reduced based on hardship or other factors and whether the IRS will extend the transition relief for employers with fewer than 100 employees.

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Topics: ACA, IRS, compliance recap, ESRPs

IRS Announces Health Insurance Providers Fee to Resume in 2020

Posted by: Karen Hsu    Oct 29, 2019 8:12:00 AM

As background, the Patient Protection and Affordable Care Act (ACA) imposes a fee on each covered entity (for example, health insurers or a non-fully insured MEWA) engaged in the business of providing health insurance for United States health risks.

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Topics: ACA, IRS, ACA fees, compliance recap

IRS Publishes Proposed Rules on Affordability Safe Harbors and Nondiscrimination for ICHRAs

Posted by: Karen Hsu    Oct 22, 2019 7:32:00 AM

The Internal Revenue Service (IRS) published proposed rules clarifying how the employer shared responsibility provisions and Section 105(h) nondiscrimination rules apply to health reimbursement arrangements (HRAs) and other account-based group health plans that are integrated with individual health insurance coverage or Medicare.

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Topics: HRAs, IRS, compliance recap, Individual Coverage

IRS Releases Private Letter Ruling Regarding Section 213(d) Medical Care Expenses

Posted by: Karen Hsu    Sep 24, 2019 9:15:00 AM

The Internal Revenue Service (IRS) released a private letter ruling (Letter) regarding whether the price of a DNA collection kit – specifically services and reports related to a person’s health that are generated from analyzing the collected DNA – qualify as Section 213(d) medical care expenses.

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Topics: IRS, compliance recap, DNA Collection Kit, Medical Care Expenses

IRS Releases the Indexed 2020 Affordability Percentage

Posted by: Karen Hsu    Aug 28, 2019 2:30:00 PM

The IRS released Notice 2019-29 that adjusts the affordability percentage for 2020.

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Topics: IRS, Internal Revenue Service, compliance recap

IRS Releases Memo on 2-percent Shareholders’ Health Coverage Deductions

Posted by: Karen Hsu    Jul 18, 2019 12:12:55 PM

shutterstock_1021932094The Internal Revenue Service (IRS) released a memorandum to confirm that a person who is a 2-percent shareholder (through Internal Revenue Code §318’s attribution rules) in an S corporation is entitled to a deduction for the amounts paid by the S corporation under a group health plan.

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Topics: IRS, Group health plans, Internal Revenue Service

IRS Releases Information Letter on Returning HSA Contributions to an Employer

Posted by: Karen Hsu    Mar 14, 2019 3:30:02 PM

shutterstock_564470320Generally, a person’s interest in a Health Savings Account (HSA) is nonforfeitable. However, in the past, the Internal Revenue Service’s Notice 2008-59 described limited circumstances under which an employer may recoup contributions made to an employee’s HSA.

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Topics: IRS, HSA