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 —...

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...

Most Employers Unprepared for Health Care Law Reporting

The majority of employers have not yet implemented a strategy to comply with new reporting requirements under the Federal health care reform law that took effect earlier this year. According to a recent survey conducted by PricewaterhouseCoopers LLP and Equifax Inc. only 10% of 480 employers surveyed indicated that they already...

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...