The Affordable Care Act (ACA) requires Applicable Large Employers (ALEs) with 50 or more full-time or full-time equivalent employees to file information returns with the Internal Revenue Service and provide statements to their full-time employees about employer-offered health insurance coverage. This information will be used...
On October 31, 2013, the Internal Revenue Service (IRS) modified the longstanding cafeteria plan "use-or-lose" rule for health Flexible Spending Accounts/Arrangements (FSAs). Under this rule, unused FSA account balances are forfeited at the end of the plan year. Now, up to $500 of unused money...
On September 11, 2013, the United States Department of Labor announced that employers will not be fined or penalized under the Affordable Care Act for failing to provide employees with notice about coverage options available through the ACA’s Health Insurance Marketplace (Exchanges). This comes just...
Shortly before the July 4th holiday, the U.S. Department of the Treasury announced that enforcement of the Employer Shared Responsibility requirement under the Affordable Care Act (Act) will be delayed until 2015. The employer mandate, which generally requires employers with at least 50 full-time or...
The Affordable Care Act’s Individual Shared Responsibility provision requires nonexempt individuals to obtain minimum essential coverage for themselves and any nonexempt dependents. Starting January 1, 2014, those failing to get the required health insurance will have to pay a monthly penalty. Who is subject to the...
To help individuals understand their health insurance options under the Affordable Care Act (Act), employers are required to give employees written notice about Affordable Insurance Exchanges. The Act's March 1, 2013 deadline for employers to start giving this notice to all employees was recently pushed...
Under the Affordable Care Act’s Employer Shared Responsibility provisions, “large” employers with at least 50 full-time equivalent employees may be subject to an annual $2,000 or $3,000 penalty (tax) per qualifying employee. An employer may avoid the penalty by offering health coverage to at least...
On January 2, 2013, the Internal Revenue Service published proposed regulations regarding one of the Affordable Care Act's more controversial provisions--the Employer Shared Responsibility (penalty) provision. Under this provision, an employer may face an annual $2,000 or $3,000 penalty (tax) per qualifying employee depending on...