Have you decided how you will handle ACA reporting? If not, time is running out! Most third party vendors have a 10/31 or 11/1 deadline for new service. Reporting is due to employees by 1/31/17! No extension as of today. If you need assistance or have questions, contact your BIM representative today!
Read moreTag: 1094
Compliance Recap // August 2016
August remained relatively quiet in the employee benefits world, with only new draft versions of the instructions for Forms 1095-C, 1095-C, 1094-B and 1095-B. The new draft versions of the specific forms were released in July. The IRS also released the annual contribution limits for health savings accounts (HSAs) and the deductible minimums and out-of-pocket […]
Read moreCompliance Recap // July 2016
During the month of July numerous new regulations were issued or proposed by federal agencies, and existing forms and processes were updated. In particular, penalties for various ERISA violations were increased, a major overhaul to Form 5500 filings was proposed, and draft 1095-C and 1094-C forms were released. Proposed regulations were also released relating to […]
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Benefit Insurance Marketing is pleased to extend an invitation to attend our upcoming monthly compliance Webinar. In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nations leading employment and benefit law firms, Jackson Lewis LLP. Best of all, you can […]
Read moreIRS Reporting: Now What?
Applicable large employers and self-funded employers of all sizes have now completed the first round of required IRS reporting under the Patient Protection and Affordable Care Act (ACA). The ACA requires individuals to have health insurance, while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the […]
Read moreIRS Reporting Tip #1, Form 1094-C, Line 22 (updated March 23, 2016)
Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium […]
Read moreCompliance Recap // January 2016
January was a very quiet month for compliance, on the heels of the multitude of delays that came at the end of December 2015. The IRS updated its FAQs related to 6055 and 6056 reporting under the Affordable Care Act (ACA). UBA Guides and Compliance Documents UBA updated the popular “Play or Pay Penalty and […]
Read moreACA Reporting reminder for Applicable Large Employers (50+ Full-time equivalents)
This is a friendly reminder of upcoming compliance dates for ACA Reporting (1094 and 1095 forms) March 31, 2016: Organizations that meet the criteria of Applicable Large Employers must submit ACA form 1095-C to employees no later than March 31, 2016. Small employers with fewer than 50 employees who are self-insured must submit 1095-B to […]
Read moreCompliance Recap // December 2015
2015 went out with a bang, as federal agencies and the White House issued a number of major delays relating to employee benefits. Most significantly, IRS reporting for the Patient Protection and Affordable Care Act’s play or pay requirement has been delayed, for both forms being sent to employees and forms being sent to the […]
Read moreCOBRA and the Affordable Care Act (ACA)
The Consolidated Omnibus Budget Reconciliation Act (COBRA) requires employers to offer covered employees who lose their health benefits due to a qualifying event to continue group health benefits for a limited time at the employee’s own cost. COBRA provisions are found in the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code (Code), and […]
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