Category Archives: Health Care

Employers get first look at health insurance information reporting

Since passage of the Affordable Care Act, several key requirements for employers have been delayed, including reporting of health coverage offered to employees, known as Code Sec. 6056 reporting. As 2015 nears, and the prospects of further delay appear unlikely, employers and the IRS are preparing for the filing of...
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IRS 2013 audit rates vary among taxpayers

Recently-released statistics from the IRS show a drop in audits among all income groups for fiscal year (FY) 2013 with the overall individual audit rates at their lowest level since FY 2006. At the same time, the number of IRS employees working audits has decreased. However, enforcement revenue increased. Taxpayer...
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Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages

Recent IRS interpretation of the ACA or Obama Care rules:  Reimbursements to Employees for Health Insurance That They Purchase May Now Be Taxable Wages Old Law:   In 1961 the IRS ruled that an employer’s reimbursement of employees for health insurance policies of the employee’s own choosing (and which the...
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IRS eases strict “use-or-lose” rule for health flexible spending arrangements

Health flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor’s option, employees participating...
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Affordable Care Act developments impact SHOP, tax credits, Marketplaces, and more

Despite the 16-day government shutdown in October, a number of important developments took place impacting the Patient Protection and Affordable Care Act, especially for individuals and businesses. The Small Business Health Option Program (SHOP) was temporarily delayed, Congress took a closer look at income verification for the Code Sec. 36B...
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Obama Care Required Notice To Your Employees by October 1, 2013

Employers Required Notice to Employees Regarding Health Insurance Coverage.  Obama Care’s primary purpose was to expand access to affordable health care insurance. Central to this is the creation of new Insurance Exchanges (often referred to as the Marketplace). The Exchanges are intended to provide a competitive private health insurance market...
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