Category: ACA

IRS Q&A About Employer Information Reporting on Form 1094-C and Form 1095-C | Chicago Benefit Advisors

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The Internal Revenue Service (IRS) recently updated its longstanding Questions and Answers about Information Reporting by Employers on Form 1094-C and Form 1095-C that provides information on: Basics of Employer Reporting Reporting Offers of Coverage and other Enrollment Information Reporting for Governmental Units Reporting Offers of COBRA Continuation Coverage and Post-Employment Coverage Reporting Coverage under … Continued

Keeping Pace with the Protecting Affordable Coverage for Employees Act | Chicago Benefit Advisors

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Last fall, President Barack Obama signed the Protecting Affordable Coverage for Employees Act (PACE), which preserved the historical definition of small employer to mean an employer that employs 1 to 50 employees. Prior to this newly signed legislation, the Patient Protection and Affordable Care Act (ACA) was set to expand the definition of a small employer to include … Continued

The IRS Clarifies Tax Treatment of Fixed-Indemnity Health Plans | Chicago Benefit Advisors

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While many Americans will remember January 20, 2017 as the day the 45th President of the United States was sworn into office, employee benefits experts will also remember it as the day the IRS Office of Chief Counsel (OCC) released this memorandum that clarifies, among other things, the tax treatment of benefits paid by fixed-indemnity … Continued

Good Sense Guide to Minimum Essential Coverage Forms 1094-C and 1095-C | Chicago Benefit Advisors

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If you are an Applicable Large Employer (ALE), you may still be catching your breath from 2015 Patient Protection and Affordable Care Act (ACA) reporting. However, in a couple of weeks the process starts all over again as you prepare for the 2016 reporting cycle. As with all new requirements, the first filing cycle had … Continued

Implications of the 21st Century Cures Act | Chicago Benefit Advisors

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On December 13, 2016, former President Obama signed the 21st Century Cures Act into law. The Cures Act has numerous components, but employers should be aware of the impact the Act will have on the Mental Health Parity and Addiction Equity Act, as well as provisions that will impact how small employers can use health … Continued

President Trump Makes First Moves Towards ACA Repeal | Chicago Benefit Advisors

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Last Friday, one of President Donald Trump’s first actions in office was to make good on a campaign promise to move quickly to repeal the Affordable Care Act (ACA). He issued Executive Order 13765, Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal. The one-page executive order (EO) is effective … Continued