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IRS Announcement on Health Coverage Reporting on Tax Return

Posted by The Vita Companies on 2/21/17 2:43 PM

Overview

In response to President Trump’s recent executive order mandating that federal agencies reduce the burden of the Patient Protection and Affordable Care Act (PPACA), the IRS issued an announcement stating that tax returns will not be rejected if taxpayers didn’t note whether they had health insurance, made a shared-responsibility payment (under SEC. 500A) or were exempt.

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Topics: ACA, PPACA, IRS, Taxpayer

Compliance Reminder: Medicare Part D Creditability Online Disclosure to CMS

Posted by The Vita Companies on 2/2/17 3:56 PM

Overview

Federal law requires that employers provide annual notification of the Medicare Part D Prescription Benefit "creditability" to employees prior to October 15th.  However, that same law also requires plan sponsors to report creditability information directly to the Centers for Medicare and Medicaid Services (CMS) within 60 days of the first day of the ERISA plan year.  Many employers have a January 1 ERISA plan year (which may – or may not – coincide with your renewal or policy year); so for many employers, the deadline is in a couple of weeks!

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Topics: employee benefits, benefits, Medicare, CMS

Executive Order from President Trump on the ACA

Posted by The Vita Companies on 1/23/17 2:27 PM

Overview

On Friday, January 20, 2017, President Trump signed his first Executive Order, titled "Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal."

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Topics: ACA, PPACA, Trump

DOL Announces Annual Adjustments to Various Employee Benefit Plan Penalties

Posted by The Vita Companies on 1/20/17 9:13 AM

Overview

In 2015, legislation was enacted by Congress that required an initial "catch-up" adjustment to specified penalty amounts, followed by annual adjustments. Regulations were then issued in 2016 that established catch-up amounts and required future adjustments be made by January 15 of each year, starting in 2017. It's important to note that the adjustments announced are effective for penalties assessed after January 13, 2017 for violations occurring after November 2, 2015. 

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Topics: 401(k), employee benefits, benefits, DOL

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