IRS Tag

12 Nov Affordable Care Act Update: IRS Extends ACA Reporting Deadline and Good-Faith Relief from Penalties

Posted at 20:02h in Affordable Care Act, Commercial Insurance, Employee Benefits, Group Benefits, Health Insurance

Setnor Byer Insurance & Risk This seemingly endless year is almost over…finally. That means it’s time for Applicable Large Employers (ALEs) to start focusing on the Affordable Care Act’s annual information-reporting requirements. Fortunately, the Internal Revenue Service extended the deadline for ALEs to furnish 2020 information...

16 Jan Scam Alert: Tax Season Is Identity Theft Season

Posted at 18:09h in Cyber Risk, Risk Management

Should you be concerned about taxpayer identity theft? Here’s a hint. Tax Identity Theft Awareness Week starts February 3, 2020. As a general rule, anything worthy of having its own dedicated Awareness Week deserves your full attention. Tax-related identity theft occurs when someone uses stolen personal information to file a...

17 Dec Affordable Care Act: IRS Extends 2019 Reporting and Filing Deadline

Posted at 19:51h in Affordable Care Act, Group Benefits

It’s that time of year again. Large employers must turn their attention to the Affordable Care Act’s annual information-reporting requirements. The good news is that the Internal Revenue Service extended the deadline for large employers to furnish 2019 information statements to employees. However, the deadline to file information returns with the...

16 Oct Affordable Care Act Update: IRS Announces Affordability Threshold for 2020

Posted at 15:29h in Affordable Care Act, Group Benefits, Health Insurance

The Internal Revenue Service announced that the Affordable Care Act’s affordability threshold will be 9.78 percent in 2020. This is important because employers with 50 or more full-time or full-time equivalent employees in the preceding calendar year (Applicable Large Employers or ALEs) must offer their full-time employees minimum essential health...

14 Dec IRS Extends Deadline to Furnish ACA Forms to Individuals and Good-Faith Relief from ACA Reporting Penalties

Posted at 20:49h in Affordable Care Act, Commercial Insurance, Employee Benefits, Labor & Employment Law

On November 18, 2016, the Internal Revenue Service gave employers averaging at least 50 full-time or full-time equivalent employees in 2015 (Applicable Large Employers or ALEs) an early holiday gift. The IRS extended the Affordable Care Act’s due date to furnish 2016 Forms 1095-C to...

14 Oct Automatic Deadline Extensions Now Available for Affordable Care Act Information Reports

Posted at 16:35h in Employee Benefits, Group Benefits, Health Insurance

For the first time, all applicable large employers must comply with the Affordable Care Act's annual healthcare reporting requirements. Employers that averaged at least 50 full-time or full-time equivalent employees in 2014 must report specific 2015 healthcare information to the Internal Revenue Service. Reports for...

28 Jan Are You Ready for the New Affordable Care Act Reporting Requirements?

Posted at 13:44h in Health Insurance, Labor & Employment Law

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...

22 Oct How Can You Prevent Identity Theft?

Posted at 14:31h in Personal Insurance, Risk Management

According to the Federal Trade Commission, identity theft continues to top the list of consumer complaints. In 2013, American consumers reported losing more than $1.6 billion to fraud, which is approximately $2,294 per incident. The highest reported age group for identity theft is 20-29, and...

10 Jul Affordable Care Act’s Employer Mandate Delayed Until 2015

Posted at 19:43h in Commercial Insurance, Health Insurance, Risk Management

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...

05 Mar The Affordable Care Act’s Individual Mandate

Posted at 14:44h in Health Insurance

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...