IRS

Employer Mandate Collection Efforts for 2018

Many employers have recently received a Letter 226J from the IRS proposing that an employer shared responsibility payment (ESRP) is owed for the 2018 calendar year, which means the IRS has wrapped up ...

IRS Suspends Requirement to Repay Excess Advance Payments of The 2020 Premium Tax Credit

Under the American Rescue Plan Act of 2021, taxpayers no longer have to increase their tax liability by their excess advance payments of the Premium Tax Credit for tax year 2020. A taxpayer's exce...

IRS Temporarily Increases Flexibility of Section 125 Cafeteria Plans

New IRS guidance makes temporary changes to section 125 cafeteria plans to provide tax relief and flexibility amid the COVID-19 pandemic. The IRS is extending the claims period for health flexible spe...

Compliance Alert: Employer Mandate Questions

LISI recently fielded two compliance questions on the employer mandate: Q.We have a group that’s no longer over 50 FTEs. Does the employer have to notify the insurance carrier to send the 1095-B fo...

IRS Extends Form 1095 Deadlines For 2018 Reporting

The IRS has released Notice 2018-94, which extends the deadline for employers to provide individuals with Form 1095-B/1095-C for the 2018 reporting year. The deadline has been moved from January 31, 2...

Compliance Alert: IRS Announces 2019 Health FSA Limits

On Thursday, November 15th 2018, the IRS announced the new limits for 2019 with respect to Health FSAs, Transportation/Commuter Plans, and Qualified Parking Plans. Employers who currently offer healt...

What You Need to Know About Employer Reporting – IRS Letter 5699

Most of us are well aware that the IRS is actively collecting employer shared responsibility payments from applicable large employers (ALE) who failed to comply with the Section 4980H offer of coverag...

IRS Continues Assessing Employer Mandate Penalties

The IRS continues to send out 226J Letters to collect penalties under the §4980H Employer Mandate. Letters are being sent to applicable large employers who appear to owe a penalty based on self-report...

Higher HSA Family Contribution Remains for 2018

Great news! The IRS has re-established $6,900 as the 2018 Health Savings Account (HSA) maximum contribution limit for individuals with family coverage under a high deductible health plan (HDHP). Th...

The IRS is Assessing ACA Penalties

The IRS is sending penalty Letter 226-J to applicable large employers (ALEs) for not complying with the ACA’s employer mandate requirements for the 2015 tax year. Letter 226-J notifies these employers...

§4980H Offer Requirements and Associated Penalties

Issue Date: December 2017 We are entering another season of employer reporting deadlines, and the first round of letters from the IRS proposing employer shared responsibility payments under §4980H has...