Keeping up with the Affordable Care Act this year has been quite a rollercoaster ride. Last year at this time, we felt uncertain about ACA’s future following the election of President Trump. Here we are again, feeling the same uncertainty after the president used his executive powers to undercut the law, and Congress has just reached a deal to gut the law further with its tax reform proposal.
Did you receive IRS LTR 1865C? Don’t panic!
One of our partners recently received such a letter, which stated that the organization’s 1094C and 1095C Forms hadn’t been submitted in the IRS-approved format, and the organization had until Oct. 18, 2017 to remedy the issue. The organization called IRS customer service, and received a recorded message:
Despite promising to have a bill to repeal and replace the Affordable Care Act on President Trump’s desk on inauguration day, it’s now nine months into the new administration. The closest a repeal and replace bill has gotten to the president’s desk is the White House Rose Garden, where Trump and congressional leaders celebrated in May when the House passed its repeal bill.
By the narrowest of margins, House Republicans approved an amended version of the American Health Care Act (AHCA) on May 4 (the bill needed 216 votes to pass; it won 217). Although the measure now faces long odds – if not a major overhaul – to get through the Senate, employers and invested HR/benefits professionals should know six things about AHCA as it gets one step closer to the president’s desk.
Recent news in the last several weeks had been focused on the questions surrounding the American Healthcare Act (AHCA): Will it get enough votes to pass? Is it a sufficient departure from ACA? How will it be funded? What is the burden to employers in reporting and cost requirements? However, the White House and House Speaker Paul Ryan (R-Wis.) decided to withdraw AHCA from going to a House floor vote. With that, employers can go back to giving ACA their full compliance attention for the time being. So, here are two important facts employers need now:
Last week – just as we were packing our bags for Vision San Francisco – House Republicans released their plans to repeal/replace the Affordable Care Act (ACA). The proposed legislation, announced March 6, doesn’t technically repeal or replace ACA in its entirety, but instead uses a congressional process called budget reconciliation to roll back ACA’s major taxes, penalties, and funding streams. These separate measures are on parallel tracks through two large House committees under the umbrella name of the American Health Care Act (AHCA). Progress is moving quickly; House Speaker Paul Ryan (R-Wis.) says he wants to have bills ready for the president’s signature before lawmakers head home for the Easter recess in April.
It has been an eventful week for our country as we said goodbye to the Obama family and welcomed President Trump into office. With the transition to a new administration comes apprehension of what changes are on the horizon. This is especially true for HR and benefits professionals who will be directly affected by any actions related to the Affordable Care Act (ACA).
ACA deadlines aren’t getting any further away and it’s officially crunch time for HR pros. We’ve been hard at work testing with the IRS to get things ready for our clients and have been working closely with the IRS as a selected transmitter during their controlled production transmittal service launch.
It’s not often that you hear “good news” in the same sentence as the Affordable Care Act, but lo and behold, recent news from the IRS made this a reality for those experiencing TIN (Tax Identification Number) validation failures when transmitting 1095-C data.
It’s that time of year. Basketball games are dominating the airwaves and everyone is anxiously tracking their brackets. For those of us who work in the world of benefits, however, we’re anxiously tracking something else – Affordable Care Act compliance reports.
Our ACA compliance team regularly attends IRS webinars for the Affordable Care Act Information Returns (AIR) Program, the program that will be used to provide required reporting to the IRS for 1094 and 1095 data. In this week’s IRS webinar, it was confirmed that employers/transmitters will be allowed to use two transmission methods for sending their data to the IRS.* Here's what you need to know:
Businessolver strongly believes that part of our mission as a benefits technology partner is to help our clients navigate the changing legislative environment. That mission includes helping our clients understand and respond to the often confusing ACA reporting requirements, which is why we regularly attend IRS webinars for the Affordable Care Act Information Returns (AIR) Program, the program that will be used to provide the required reporting to the IRS for the 1094 and 1095 data. The webinars are a great way to get the latest information straight from the source on the latest ACA reporting requirements.