FINANCE

Rates Effective On or After October 1, 2017 The Internal Revenue Service (IRS) has released an annual notice that provides the 2017-2018 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The rates are effective for allowances paid to employees on […]

Payment Due November 15 for Contributing Entities Opting for Two-Part Contribution The second transitional reinsurance contribution payment for the 2016 benefit year is due by November 15, 2017, for issuers and certain self-insured group health plans (referred to as “contributing entities”) that did not previously pay the entire 2016 benefit year contribution in one payment. The contributions are […]

Model Language Available As a reminder, health plans with 100 or more plan participants at the beginning of a plan year are generally required to furnish a Summary Annual Report (SAR) to each health plan participant within 9 months after the end of a plan year. As a result, the deadline for most calendar year plans to satisfy the […]

Noncompliance Penalties as High as $3,390 Per Full-Time Employee Despite recent attempts in Congress to “repeal and replace” the Affordable Care Act (ACA) and President Trump’s executive order calling for executive agencies to minimize the ACA’s regulatory burden, penalties for failing to comply with the ACA’s employer shared responsibility (“pay or play”) provisions remain in effect. […]

Estimated Tax Payment, Retirement Plan & Other Relief Granted The U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) have issued several forms of relief to victims of Hurricane Irma. Highlights of this relief include: Extension for Estimated Tax Payments: Businesses impacted by Hurricane Irma will have until January 31, 2018 to make quarterly estimated […]

Forms Every Employee Should Fill Out Day 1 An employee’s first day on the job can be very stressful for both the employee and employer. While trying to set up the employee with his or her parking pass, email account, and other necessities, employers should also remember that completing the following forms is just as […]

Final Instructions to be Released Later The IRS has released the 2017 Draft Instructions for Forms 1094-B, 1095-B, 1094-C, and 1095-C to help employers and insurers prepare for calendar year 2017 Affordable Care Act (ACA) information reporting. Employers and insurers will use the final versions of the forms and instructions in early 2018 to report […]

Race, Ethnicity & Gender Reporting Requirement to Remain in Effect The U.S. Equal Employment Opportunity Commission (EEOC) has announced that the upcoming EEO-1 reporting form will not contain pay data collection information. Upcoming EEO-1 Report  In July of 2016, the EEOC changed the EEO-1 reporting form requirements, so that private employers with 100 or more employees and certain federal […]

Estimated Tax Payment, Retirement Plan & COBRA Relief Granted The U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) have issued several forms of relief to victims of Hurricane Harvey. Highlights of this relief include: Extension for Estimated Tax Payments: Businesses impacted by Hurricane Harvey will have until January 31, 2018to make quarterly estimated […]

Guidance Provides 2017 Monthly National Average Premium for Bronze Plans The IRS has released the 2017 monthly national average premium for a bronze level health plan offered through the Health Insurance Marketplace, which is used to determine the maximum individual mandate penalty. New Guidance According to the new IRS guidance, the monthly national average premium for qualified […]