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Posts Tagged 'pay or play'

IRS Releases 2015 Draft Instructions for Affordable Care Act Reporting: Forms 1094-C and 1095-C

The IRS has released 2015 Draft Instructions for Forms 1094-C and 1095-C (as well as Forms 1094-B and 1095-B), which may help many employers prepare for the new information reporting provisions under the Affordable Care Act. Applicable employers are required to report for the first time in early 2016 for calendar year 2015. Who is [...]

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ACA Reporting: Important Information for Employers That Plan to File Directly

As the deadline for meeting the employer reporting requirements under the Affordable Care Act draws closer, it’s critical that employers take steps to ensure that they will be ready to file Form 1094-C and Form 1095-C. While we await the final versions of those forms, the IRS has released draft forms that employers can use [...]

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Health Care Reform News: IRS Releases 2015 Draft Forms for Employer Reporting of Health Coverage

On June 16, 2015, the Internal Revenue Service (IRS) released draft forms for 2015 to help employers prepare for the new information reporting provisions under the Affordable Care Act (ACA). Certain employers are required to report for the first time in early 2016 for calendar year 2015. The reporting requirements come under IRS Code Sections 6055 and 6056. The purpose [...]

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Health Care Reform: 2015 Checklist For Completing IRS Forms 1094-C & 1095-C

As part of the Affordable Care Act, large employers — generally those with 50 or more full-time employees, including full-time equivalents — will need to report information about their compliance with the “Pay or Play” rules. For many, this will mean filling out the IRS forms 1094-C and 1095-C. Applicable large employers are required to [...]

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Understanding Employer Reporting Requirements within the Affordable Care Act

Under the Affordable Care Act, applicable large employers — those with 50 or more full-time employees, including full-time equivalent employees — are required to meet a number of new compliance requirements. For example, many organizations will have to meet the ACA’s Employer Reporting requirements, which support the “pay-or-play” rules. As part of these requirements, employers [...]

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Health Care Reform News: Agencies Further Increase the ACA’s Affordability Percentages for 2016

On Nov. 21, 2014, the IRS and HHS released information regarding the the Affordable Care Act’s affordability contribution percentage for 2016. The affordability of health coverage is a key point in determining whether an employer will be subject to a penalty under the laws of Health Care Reform. The “pay or play” rules generally determine [...]

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Health Care Reform News: Agencies Prohibit All Employer Reimbursement of Individual Premiums

Due to the rising costs of health coverage, employers have shown interest in helping employees pay for individual health insurance policies instead of offering employer-sponsored plans. However, on November 6, 2014, guidance was issued stating that these arrangements do not comply with the Affordable Care Act. In addition, the guidance provided stated that this type [...]

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IRS Closes Minimum Value Loophole for Low-cost Employer Plans

Under the Affordable Care Act, minimum value of an employer-sponsored plan is significant for a number of purposes, including the “pay or play” rules or and laws governing exchange subsidies. However, earlier this year, a debate arose whether employer plans with no hospital benefits should be able to avoid the “pay or play” penalty. On November [...]

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Infographic: PPACA Compliance and IRS Reporting Requirements

The folks at Paylocity have released an infographic to help companies better understand their potential compliance requirements under Health Care Reform. The infographic focuses on key IRS rules regarding benefits eligibility and reporting deadlines: Ready to Learn More? We hope that you find this infographic helpful as you seek to meet your company’s compliance requirements. [...]

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Health Care Reform Pay or Play Rules: IRS Proposes Approach for Measurement Period Changes

As we look ahead to 2015, the employer shared responsibility rules under the Affordable Care Act will have a greater impact on large employers. In regards to the requirement faced by employers to offer affordable, minimum value health coverage to full-time employees and dependents, the IRS has provided multiple safe harbor methods that can be used [...]

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