Monthly Archives: December 2015

IRS delays ACA employer’s reporting deadlines!

The Internal Revenue System says employers can do a trial run of their electronic form filing for reporting requirements under the Affordable Care Act, giving apprehensive employers and their benefit advisers a way to test for readiness in advance of the reporting deadlines.

Earlier , the IRS opened up its Affordable Care Act Assurance Testing system which allows employers to see if their reporting software is correctly filling out the 2014 Forms 1094 and 1095. In November, the testing system was to have been cued up with the 2015 reporting forms.
Starting in 2016, applicable large employers must report whether an individual is covered by minimum essential coverage and that an offer of minimum essential coverage that provides minimum value was made to each full-time employee.

Applicable large employers, generally meaning employers with 50 or more full-time employees (including full-time equivalent employees) in the preceding calendar year, use Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to report the information required.

Any employers filing 250 or more forms must do so electronically. The deadline for electronic filing is March 31, 2016.

The IRS submission requirements for using the ACA Assurance Testing system advise software developers to “read the instructions carefully prior to preparing the submission.”
“Code definitions for Offer of Coverage Codes and Safe Harbor Codes are defined in the instructions and are not provided in the narrative but must be included within your submission where appropriate,” the IRS cautions.

Employer tracking

A flurry of ACA reporting solutions have entered the market over the last two years, some free-standing while others are to be integrated with existing HR, payroll or benefit systems.

For 2015, employers who file will have protection even if their filing is incorrect or incomplete, as long as they show they made good faith efforts to comply with the ACA reporting requirements- a “good-faith effort” is defined as an employer simply attempting to complete the forms.

The good-faith effort for 2015 tax year will disappear in 2016, however, and penalties will apply for incorrect information in subsequent years.

The Internal Revenue Service on Monday extended the deadline for 2015 Affordable Care Act information reporting, giving employers subject to the requirements some highly-sought after relief.

In Notice 2016-4, issued by the IRS on Dec. 28, the agency extended the deadlines for both furnishing to individuals reporting forms and filing them with the IRS.

Starting in 2016, applicable large employers must report whether an individual is covered by minimum essential coverage and that an offer of minimum essential coverage that provides minimum value was made to each full-time employee.
Employers have been seeking relief from the requirements, with many saying they’re still not prepared for the task at hand.

Following consultation with stakeholders, the IRS and the Department of the Treasury “have determined that some employers, insurers, and other providers of minimum essential coverage need additional time to adapt and implement systems and procedures to gather, analyze, and report this information,” the agency said in its notice.

For furnishing employees with the 2015 Form 1095-B (Health Coverage) and Form 1095-C (Employer Provided Health Insurance Offer and Coverage), the IRS has extended the deadline from Feb. 1, 2016, to March 31, 2016.

For filing with the IRS the 2015 Form 1094-B (Transmittal of Health Coverage Information Returns), Form 1095-B, Form 1094-C (Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns) and Form 1095-C, the agency has extended the deadline from Feb. 29, 2016, to May 31, 2016 if not filing electronically, and from March 31, 2016, to June 30, 2016 if filing electronically.
Any employer filing 250 or more forms must do so electronically.

The notice also provides guidance to those who might not receive a Form 1095-B or Form 1095-C by the time they file their 2015 tax returns.
“Notwithstanding the extensions provided in this notice, employers and other coverage providers are encouraged to furnish statements and file the information returns as soon as they are ready,”the IRS says
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Further information ( at no cost or obligation to you) - ERIC WALTERS Cell:602-616-1660
-ERIC WALTERS Insurance Services

Health insurance including ACA plans for individuals and families and
• Employee Benefits for employer groups of all sizes
• PLUS income protection, Dental, Vision, Life Pensions and Annuity, etc.
Office :(480)-657-8595/FAX:(888)-739-0796
Email: EWinsurance@gmail.com                    WEB-www.ewconsultant.biz

Make the most of 2015-Get health insurance for Feb 1st 2016 start!!

2015 is almost over, but there’s still time to end your year on a high note — enroll today (through January 15th 2016 ) for health coverage starting February 1.2016

California Poppy

Open Enrollment ends 1/31/2016!!

Check out your Tax Credit here on this site ( use the Health Insurance Marketplace Calculator) and then go to the insurance page ( or you can do it all there)-at my web site- Eric’s insurance web site to get your quotes and enroll.

Any questions?- Need any help or assistance- please call me any time!-602-616-1660!!
OR
Log in to HealthCare.gov to join the over 8.2 million who’ve enrolled in 2016 coverage BUT don’t forget our NAME and NPN- 8594684 when they ask if anyone is assisting you!!

Just select your state, and you’re on your way to submitting your application for 2016!

+++++++++++++++++++++

 Further information ( at no cost or obligation to you) – ERIC WALTERS Cell:602-616-1660

-ERIC WALTERS Insurance Services

Health insurance including ACA plans for individuals and families and • Employee Benefits for employer groups of all sizes • PLUS income protection, Dental, Vision, Life Pensions and Annuity, etc.

Office :(480)-657-8595/FAX:(888)-739-0796
Email: EWinsurance@gmail.com/
WEB-www.ewconsultant.biz

E & O. E

 

IRS changes reporting deadlines for 2016

The IRS says employers can do a trial run of their electronic form filing for reporting requirements under the Affordable Care Act, giving apprehensive  employers and their benefit advisers a way to test for readiness in advance of the reporting deadlines.

Earlier , the IRS opened up its Affordable Care Act Assurance Testing system which allows employers to see if their reporting software is correctly filling out the 2014 Forms 1094 and 1095. In November, the testing system was to have been cued up with the 2015 reporting forms.

Starting in 2016, applicable large employers must report whether an individual is covered by minimum essential coverage and that an offer of minimum essential coverage that provides minimum value was made to each full-time employee.

Applicable large employers, generally meaning employers with 50 or more full-time employees (including full-time equivalent employees) in the preceding calendar year, use Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to report the information required.

Any employers filing 250 or more forms must do so electronically. The deadline for electronic filing is March 31, 2016.

The IRS submission requirements for using the ACA Assurance Testing system advise software developers - “Code definitions for Offer of Coverage Codes and Safe Harbor Codes are defined in the instructions and are not provided in the narrative but must be included within your submission where appropriate.”

Employer tracking

A flurry of ACA reporting solutions have entered the market over the last two years, some free-standing while others are to be integrated with existing HR, payroll or benefit systems.

For 2015, employers who file will have protection even if their filing is incorrect or incomplete, as long as they show they made good faith efforts to comply with the ACA reporting requirements- a “good-faith effort” is defined as an employer simply attempting to complete the forms.

The good-faith effort for 2015 tax year will disappear in 2016, however, and penalties will apply for incorrect information in subsequent years.

The IRSe on Monday extended the deadline for 2015 Affordable Care Act information reporting, giving employers subject to the requirements some highly-sought after relief.

In Notice 2016-4, issued by the IRS on Dec. 28, the agency extended the deadlines for both furnishing to individuals reporting forms and filing them with the IRS.

Starting in 2016, applicable large employers must report whether an individual is covered by minimum essential coverage and that an offer of minimum essential coverage that provides minimum value was made to each full-time employee.

Employers have been seeking relief from the requirements, with many saying they’re still not prepared for the task at hand.

Following consultation with stakeholders, the IRS and the Department of the Treasury “have determined that some employers, insurers, and other providers of minimum essential coverage need additional time to adapt and implement systems and procedures to gather, analyze, and report this information,” the agency said in its notice.

For furnishing employees with the 2015 Form 1095-B (Health Coverage) and Form 1095-C (Employer Provided Health Insurance Offer and Coverage), the IRS has extended the deadline from Feb. 1, 2016, to March 31, 2016.

For filing with the IRS the 2015 Form 1094-B (Transmittal of Health Coverage Information Returns), Form 1095-B, Form 1094-C (Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns) and Form 1095-C, the agency has extended the deadline from Feb. 29, 2016, to May 31, 2016 if not filing electronically, and from March 31, 2016, to June 30, 2016 if filing electronically.

Any employer filing 250 or more forms must do so electronically.

The notice also provides guidance to those who might not receive a Form 1095-B or Form 1095-C by the time they file their 2015 tax returns.

“Notwithstanding the extensions provided in this notice, employers and other coverage providers are encouraged to furnish statements and file the information returns as soon as they are ready,” the IRS says

.Further information ( at no cost or obligation to you) -

ERIC WALTERS Cell:602-616-1660      -ERIC WALTERS Insurance Services

Health insurance including ACA plans for individuals and families and
·         Employee Benefits for employer groups of all sizes
·         PLUS income protection, Dental, Vision, Life Pensions and Annuity, etc.

 Office :(480)-657-8595/FAX:(888)-739-0796

Email: EWinsurance@gmail.com/WEB-www.ewconsultant.biz

This document is designed to provide a high-level overview of aspects of the Patient Protection and Affordable Care Act (PPACA), as modified by the Health Care and Education Reconciliation Act.
It is not comprehensive and does not constitute legal or tax advice for healthcare reform implementation,any of their employee/employer obligations or requirements and/or any other aspect of their provisions. Please consult a professional benefit adviser or legal counsel regarding how the law may impact your specific benefit , obligation and/or requirement.

 

Cadillac Tax delayed!

President Obama has signed a bill suspending the Affordable Care Act’s Cadillac Tax, a 40 percent excise tax on certain high-cost, employer-sponsored health coverage, for two years.

The ACA had imposed the excise tax on the cost of coverage of an employer-sponsored plan exceeding $10,200 for single coverage and $27,500 for family coverage, effective for plan years on or after Jan. 1, 2018. The new law suspends the tax for 2018 and 2019 and makes it tax deductible.

Full details and information at no cost to you and without any obligation: ERIC WALTERS

 ERIC WALTERS Insurance Services

   Health insurance including ACA plans for individuals and families and Employee Benefits for employer groups of all sizes PLUS income protection, Dental, Vision, Life Pensions and Annuity.

Call:(480)-657-8595/FAX:(888)-739-0796/

            Cell:602-616-1660

            Email: EWinsurance@gmail.com/WEB-www.ewconsultant.biz

 

Health plan enrollment period -extended!!

CMS announced that the Open Enrollment period for health plans to start 1st Jan, 2016 has been extended to 11.59pm, 17th December, 2015.

The full Open Enrollment Period ends 1/31/2016 BUT if you enroll after the 15th of each month, then the health insurance plan instead of starting the 1st of the next month will start  the first of the month  AFTER next!!- e.g. -enroll by the 15th Dec- now extended through the 17th December, 2015 and the plan coverage will start the 1/11/2016!!

BUT if you enroll after the 17th Dec, 2015 the plan will start 2/1/2016!!

Enroll before the 15th Jan, 2016 and the plan will start - 2/1/2016,

Enroll after the 15th Jan, 2016 and the plan will start-  3/1/2016

To find out if you have a Tax Credit, cost sharing payments, etc go to our web site, www.ewconsultant.biz, and the programs will show you exactly what to do.

Any problems, call me at Cell: 602-616-1660  or email me at:- ewinsurance@gmail.com

Eric Walters

Eric Walters Insurance Services

Cell: 602-616-1660/Email: ewinsurance@gmail.com/WEB- www.ewconsultant.biz.