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Post-Holiday Gift – ACA Reporting Deadlines Relaxed for 2016

December 29, 2015

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benefitsbclp

Post-Holiday Gift – ACA Reporting Deadlines Relaxed for 2016

December 29, 2015

by: benefitsbclp

We have been shouting the ACA reporting compliance deadlines from the rooftops for months now.  Well, I guess it is a case of the “boy who cried wolf”.  At the eleventh hour, the IRS has caved to a slew of complaints, concerns and continuing questions about the new (and complex) ACA reporting requirements and given employers a post-holiday present in the form of IRS Notice 2016-4.   But is it too little too late? The Notice relaxes the current deadlines for those who are not ready to file (or still have unanswered questions preventing them from filing).  Specifically, the Notice provides:

  • an automatic 60-day extension for furnishing Forms 1095-C and 1095-B to employees, and
  • an automatic three-month extension for filing the required forms with the IRS.

By “automatic”, we mean that no action is required (and nothing needs to be sent to the IRS) to avail yourself

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IRS Fires Shot Across the Bow on Health Reform Minimum Value and Reporting Guidance – Part 1

May 3, 2012

Authors

benefitsbclp

IRS Fires Shot Across the Bow on Health Reform Minimum Value and Reporting Guidance – Part 1

May 3, 2012

by: benefitsbclp

On April 26, the IRS released three “requests for comment” on various provisions under the Patient Protection and Affordable Care Act (“PPACA” or “health reform”). While the IRS is soliciting comment, it also gave some indication of how it was leaning on each of the issues it addressed. This first post (of three) discusses the comments on the determination of “minimum value.”

Under PPACA, if an employer plan does not provide “minimum value,” then an employee may be eligible for a premium tax credit through the state-based insurance exchanges, if he or she meets the other applicable requirements. If an employee takes advantage of that tax credit, the employer will be subject to “pay or play” penalties under health reform. Therefore, “minimum value” matters. (It is worth noting that HHS previously found that about 98% of individuals covered by employer-sponsored plans were enrolled in plans providing minimum value

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