Tag Archives: Affordable Care Act

3 Types of Insurance that College Students Need

3 Types of Insurance that College Students Need

By Richard A. McGrath, CIC, LIA It’s getting closer to back to school time, which means parents are busy buying their kids the essentials for college life, from bed sheets and toiletries to snacks and food for the mini fridge. However, most likely you’re forgetting about an important item to review that isn’t included on […]

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IRS Extends ACA Reporting Deadline for Form 1095 to Employees

What It Means to Work in the Insurance Industry

The Internal Revenue Service (IRS) extended the deadline for employers to deliver the Affordable Care Act’s (ACA) 2016 information reporting forms to employees from January 31, 2017 to March 2, 2017. The extension only applies for tax year 2016 and for furnishing Form 1095-C (Employer-Provided Health Insurance Offer and Coverage) and Form 1095-B (Health Coverage) […]

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IRS Extends 2015 ACA Information Reporting Deadlines for Employers

IRS Extends 2015 ACA Information Reporting Deadlines for Employers

Employers subject to the 2015 Affordable Care Act (ACA) information reporting requirements can breathe easy, at least for a little while longer. Early last week, the Internal Revenue Service (IRS) announced that it’s extending the deadlines to file information returns under sections 6055 and 6056 of the Internal Revenue Code. The reporting deadline extensions for employers […]

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President Signs Bill to Delay ACA Cadillac Tax Until 2020

President Signs Bill to Delay ACA Cadillac Tax Until 2020

On Monday morning, President Obama signed legislation that will delay the Affordable Care Act’s (ACA) Cadillac tax for two more years. Pending any further delays or a complete repeal, the excise tax is now scheduled to take effect beginning in January 2020. Along with the delay, the language in the bill makes the Cadillac tax […]

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Tips for What’s Ahead in 2016 for the Affordable Care Act

Tips for Whats Ahead in 2016 for the Affordable Care Act

As the New Year approaches, employers are gearing up for another wave of changes from the Affordable Care Act (ACA). With just a few more provisions left to go into effect, employers are starting to feel the pressure in order to comply with the requirements of the health care reform law. Here are three important […]

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What to File for the 2015 Information Reporting Requirements

What to File for the 2015 Information Reporting Requirements

Large employers with 50 or more full-time employees, including full-time equivalents (FTEs), are required to file information reporting forms to the Internal Revenue Service (IRS) about their compliance with the Affordable Care Act’s (ACA) employer shared responsibility provision, also known as “pay or play,” in early 2016 for calendar year 2015. Employers who qualified for […]

6.6 Million Choose Paying Penalties over Healthcare Coverage

By Richard A. McGrath, CIC, LIA For the first time this year, the Affordable Care Act (ACA), commonly known as Obamacare, imposed a penalty on American taxpayers for not having health insurance. The Obama administration estimated that 6 million people would pay the penalty. Instead, 6.6 million people paid the penalty, which is 10 percent […]

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President Signs PACE Act, Redefining Small Group Employers

President Signs PACE Act, Redefining Small Group Employers

President Obama signed the Protecting Affordable Coverage for Employees (PACE) Act into law on Wednesday night. Enactment of this legislation prevents significant premium increases for small to midsize businesses. Both the House of Representatives and the Senate voted on the bill last week, which was met with unanimous consent. The PACE Act repeals the merged […]

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Top 5 ACA Information Reporting Mistakes to Avoid

Top 5 ACA Information Reporting Mistakes to Avoid

Beginning in the 2015 tax year, employers will be required to annually report certain information to the Internal Revenue Service (IRS) on a calendar basis. Reporting requirements under the Affordable Care Act (ACA) apply to most employers to some extent, even if they don’t currently offer health coverage to their employees. Here are five costly […]

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