compliance
January 6, 2023
IRS Grants Permanent 30-Day Extension to Providing Individual ACA Statements
‘Tis the season for applicable large employers (ALEs) to scramble to meet their Affordable Care Act (ACA) obligation to provide full-time employees with individual statements that provide group health coverage information required to be filed with the IRS on Form 1095-C. Although the ACA ...
January 5, 2023
Feds Extend Prescription Drug Filing Deadline, Announce Relaxed Enforcement
The Departments of Labor, Health and Human Services, and the Treasury (collectively, the Departments) last week issued an FAQ that relieved filing entities from the December 27, 2022, deadline for providing certain information. The Departments understood many plans and carriers faced ...
January 4, 2023
Continuing Appropriations Act Extends HDHP Relief for Telehealth Services
President Biden last week signed the Continuing Appropriations Act, 2023 (CAA 23) to provide funding for the federal government through the current fiscal year. But employers also should know there were some critical benefits-related provisions tucked into CAA 23. Though many of the benefits ...
December 9, 2022
Compliance Recap | November 2022
In November, the IRS released revised guidance to address the so-called “family glitch,” permitting employers to allow mid-year election changes when someone related to a plan participant is eligible to elect a qualified health plan on the Marketplace. This is also a good ...
November 23, 2022
IRS Revises Guidance to Allow Expanded Mid-Year Cafeteria Plan Election Changes
The IRS recently released revised guidance to permit employers to amend their cafeteria plans to allow mid-year election changes when an individual related to a plan participant is eligible to elect a qualified health plan on the Marketplace due to either a special enrollment period or during ...
November 7, 2022
Compliance Recap | October 2022
IRS Announces Increased Limits for Certain Employee Benefits, Higher Fines for ACA Reporting Failures Each year, just as the leaves turn to the fiery shades of autumn, the Internal Revenue Service (IRS) announces how much more “green” will be available during the coming year under various ...
November 2, 2022
Cafeteria Plans: Change in Status Events and Permissible Employee Election Changes
Cafeteria plans are governed by IRS Code Section 125 and allow employers to help employees pay for expenses such as health insurance with pre-tax dollars. Employees can choose between a taxable benefit (such as cash) and two or more specified pre-tax qualified benefits (health insurance, for ...
October 20, 2022
IRS Announces Increased Limits for Certain Employee Benefits, Higher Fines for ACA Reporting Failures
Each year, just as the leaves turn to the fiery shades of autumn, the Internal Revenue Service (IRS) announces how much more “green” will be available during the coming year under various employee benefit programs. The IRS recently released Revenue Procedure 2022-38 in which it has updated many ...
October 14, 2022
Final Rule Resolves “Family Glitch” for ACA Marketplace Coverage
The Department of the Treasury recently issued final regulations to make the premium tax credit (PTC) for Marketplace health coverage available to more individuals starting in 2023. The new rule changes the IRS’s interpretation of group health coverage affordability for determining PTC ...
October 7, 2022
Compliance Recap | September 2022
September was a relatively quiet month in compliance as employers continue the ramp-up to open enrollment. Prescription Drug Cost Reporting With a due date of December 27, 2022, prescription drug cost reporting is looming large in employers’ minds. The first reports for submission to the U.S. ...
