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Avoid IRS Reporting Penalties

The 6055 and 6056 tax filing has many employers up in arms for the upcoming tax filing. The increased penalty amounts announced in July are alarming. A single 1095-C form violation could result in a penalty of $500 per form, with no cap if the employer shows intentional disregard —...

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DOL: “Audit Deficiencies Putting Plans and Participants at Risk”

The US Department of Labor recently released a report “Assessing the Quality of Employee Benefit Plan Audits.” In the report the EBSA (Employee Benefits Security Administration) revealed “serious issues with the current system.” According to Phyllis C. Borzi Assistant Secretary of Labor for Employee Benefits Security “The existing patchwork of regulations...

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What the Anthem breach means to employers

  Insightful article by Davis Wright Tremaine LLP, providing information  about the Anthem cyber-attack and what employers should do. On Feb. 4, Anthem announced a data breach involving the personal information of more than 80 million individuals resulting from what it characterized as a sophisticated, targeted cyber-attack. Group health plans may be affected because Anthem:...

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ACA Update – IRS Releases Draft Forms

On July 24, 2014, the IRS posted preliminary, unofficial drafts of forms that the ACA compels employers, plan administrators and employees to file, among other items, to certify coverages offered and provided to employees in 2015.  They are Form 1094-B (“Transmittal of Health Coverage Information Returns”), Form 1094-C (“Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns”), Form...

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$36,500 per employee, per year, nondeductible!

The IRS has threatened employers with ACA penalties of $100 per day, per employee, and non deductible or $36,500 per employee.  This makes those $2,000 and $3,000 penalties look diminutive. Employers who maintain a "non-integrated" employer payment plans would be subject to these penalties.   These would include HRAs, excluding retiree-only...

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