Tuesday, December 29, 2015

ACA Reporting Deadlines Delayed

Yesterday, the IRS announced it will delay the deadlines of the 1094 and 1095 form submissions.
·         The deadline to provide employees with 1095-C Forms has been extended to March 31, 2016.
·         The deadline to file paper 1094-C and 1095-C forms with the IRS has been extended to May 31, 2016.
·         The deadline to e-File electronic 1094-C and 1095-C forms has been extended to June 30, 2016.
Because of the delay, no other extensions will be granted to employers. Within the notice of delay, the IRS requests that employers submit the forms to employees as soon as they are ready, and advised employees that they do not need to provide the forms with their 2015 tax filing as proof of coverage. Employees who received premium subsidies from the exchange may need to amend their returns once they receive the form.
Please contact us with any questions.
For more details, reference the official notice from the IRS.

Friday, December 18, 2015

Cadillac Tax Delayed for Two Years

Lobbyists in Congress have succeeded in raising concern regarding the uniform application of the Cadillac Tax throughout the nation. As a result, a recent law introduces several significant changes to the "Cadillac Tax" section of the Affordable Care Act.  
Here are the highlights:
·         The effective date of the Cadillac Tax has been delayed until January 1, 2020
·         Any excise tax levied will now be fully tax deductible for employers

·         The government will fund an official study by the comptroller on appropriate age and gender premium adjustments in consultation with the National Association of Insurance Commissioners (NAIC)