ACA Times

JANUARY 24, 2024

There’s good news for Applicable Large Employers (ALEs) in 2024 when it comes to filing their state ACA reports. Because the filing date falls on a Sunday, they’ll have an… The post 2024 ACA State Filing Deadlines: What You Need to Know first appeared on The ACA Times.

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ACA Times

NOVEMBER 22, 2023

For the first time in more than a decade, Republican frontrunners eyeing the 2024 election aren’t campaigning for the elimination of the ACA. It’s a rather big shift from previous… The post ACA On Solid Ground Ahead of the 2024 Presidential Election first appeared on The ACA Times.

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ACA Times

AUGUST 30, 2023

The U.S. Department of Health and Human Services (HHS) recently released a report showing that the national uninsured rate reached an all-time low of 7.7 percent in early 2023. This… The post National Uninsured Rate Reaches All-Time Low in 2023 first appeared on The ACA Times.

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ACA Times

AUGUST 9, 2023

Is your business ready to face increased government scrutiny of Affordable Care Act (ACA) Employer Mandate compliance? A recent surge in resources targeting tax evaders and ACA enforcement means that… The post Could Your Business Be a Target for IRS ACA Enforcement Penalties? first appeared on The ACA Times.

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ACA Times

JULY 19, 2023

Two new bills signed into law by Governor JB Pritzker are likely to fundamentally reshape the Illinois health insurance market. Among the stated goals of these new pieces of legislation… The post Two New Laws Transform the Illinois Health Insurance Market first appeared on The ACA Times.

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ACA Times

JULY 5, 2023

Summer is upon us and with it come a number of opportunities, and risks, for employers. One critical area of risk is ACA compliance. The summer months mark a critical… The post ACA Compliance and the Sounds of Summer first appeared on The ACA Times.

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ACA Times

OCTOBER 13, 2022

Republicans in Congress are abandoning their efforts to repeal the 12-year-old Affordable Care Act. With this in mind, organizations should revisit their ACA Employer Mandate responsibilities. Plus, the recently passed…. The post Employers, Take Note: ACA No Longer Being Repealed first appeared on The ACA Times.

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ACA Times

SEPTEMBER 15, 2022

ACA open enrollment for the 2023 plan year is just over a month away, and this time, individuals may have more options and a better experience than years prior. We…. The post Upcoming ACA Open Enrollment Shaping Up To Be Strongest Yet first appeared on The ACA Times.

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ACA Times

AUGUST 25, 2022

Since ACA reporting was first required by employers in 2015, the affordability component under the Employer Mandate was established each year by indexing the standard of 9.5%. This has always…. The post Understanding ACA Affordability for 2023 Tax Year first appeared on The ACA Times.

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ACA Times

APRIL 1, 2019

The home healthcare, staffing, restaurant, and construction industries are under fire from the IRS for failing to comply with the Affordable Care Act. Companies within these industries have been shocked…. The post These Industries are Most at Risk for ACA Penalties From the IRS first appeared on The ACA Times.

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ACA Times

JUNE 1, 2022

Without the proper tools or subject matter expertise, tackling the responsibilities of the ACA’s Employer Mandate on your own can be overwhelming. This is especially true if you are an…. The post Get to Know the ACA’s Rule of Parity first appeared on The ACA Times.

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ACA Times

APRIL 27, 2022

The last several years have been difficult for the IRS, but now that the historic backlog has an end date , the agency is making significant progress on a long list of to-do items, including issuing ACA penalties. Over the last month or so, we’ve heard from our partners, brokers, and new clients about the flurry of ACA penalties being issued from the IRS, namely, the notorious Letter 226J.

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ACA Times

FEBRUARY 22, 2022

This coming Monday, February 28, is the deadline for paper filing ACA Forms 1094-C and 1095-C to the IRS for the 2021 tax year. As a reminder, Applicable Large Employers (ALEs) with fewer than 250 1095-C forms can opt for the paper filing option for satisfying their ACA reporting requirements. If you’re paper filing your ACA information for the 2021 tax year and looking to make the deadline next week, then your filings should be in the mail already.

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ACA Times

JANUARY 4, 2022

Employers ringing in the New Year should remember that several states ’ have additional ACA filing and furnishing obligations that must be completed for the 2021 tax year. To help you get a handle on the many state ACA deadlines, we’ve listed the due dates and reporting requirements for the 2021 tax year, to be filed in 2022, below. California . Self-funded employers and health insurance carriers in California must furnish healthcare information to their employees and their dependents by January

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ACA Times

DECEMBER 9, 2021

Employers preparing for a smooth 2021 filing season should keep in mind the important ACA deadlines to avoid IRS penalties. Every year, Applicable Large Employers (ALES) must file and furnish their ACA information to the IRS as required by the ACA’s Employer Mandate. Under the ACA’s Employer Mandate , ALEs, or employers with 50 or more full-time employees and full-time equivalent employees must: Offer Minimum Essential Coverage (MEC) to at least 95% of their full-time employees (and their depend

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ACA Times

OCTOBER 28, 2021

On October 2, 2020, the IRS issued Notice 2020-76 , extending the deadline for employers to furnish ACA Forms 1095-C to applicable full-time employees from January 31, 2021, to March 2, 2021. Will the agency issue an extension for the 2021 tax year? To further align with the agency’s goals to identify ACA Employer Mandate non-compliance, it makes sense for the agency to not issue an extension.

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ACA Times

AUGUST 10, 2021

Several health carriers are experiencing growth because of the recent Affordable Care Act advancements. Most notably is CVS Health Corp. and its affiliated health insurance business, Aetna. Last week the health carrier stated that it will be entering the ACA individual coverage marketplace in eight states, including Texas, Florida, Georgia, Missouri, Nevada, North Carolina, and Virginia.

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ACA Times

JULY 19, 2021

The IRS recently released its draft 1094-C and 1095-C instructions for the 2021 tax year. We’ve identified the changes below. . It appears that Form 1094-C will remain the same, but the instructions do include two new codes for use on Line 14 of the Form 1095-C: 1T and 1U. . According to the draft instructions , the 1T code is for use when the applicable individual and their spouse receive a Health Reimbursement Arrangement (HRA) offer of coverage from the employer, where the affordability was d

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ACA Times

JUNE 18, 2018

3 minute read: It’s well known that the Trump administration is doing all it can to undermine the Affordable Care Act. The recent decision by the federal Justice Department to refrain from defending the healthcare law to challenges in federal court is just one of a series of administrative actions undermining the ACA even as it has grown in popularity among the American public.

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ACA Times

JUNE 20, 2018

4 minute read: The report from the Treasury Inspector General for Tax Administration always has some interesting information. The recently issued report on the Affordable Care Act (ACA) from March 21, 2018, is no exception, and it will be a disappointment for those organizations that continue to ignore the regulatory requirements of the healthcare law.

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ACA Times

JUNE 25, 2018

3 minute read: The issuance of Letter 226J for IRS information filings submitted for the 2015 tax year has caught many organizations off guard. More than 30,000 notices have been issued to date representing $4.4 billion in penalty assessments. During late 2017, starting with the 2015 reporting year, the IRS began issuing Letter 226J, which contained 4980H penalty assessments to applicable large employers ( ALEs ) who the tax agency determined had not complied with the Affordable Care Act.

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ACA Times

JUNE 27, 2018

2 minute read: It’s not a mystery that the Affordable Care Act (ACA) is complex. Since its passage in 2010, the landscape of the healthcare industry and marketplace has changed in many ways. A big piece of the ACA’s structural integrity relies on the expansion of Medicaid. Currently, 33 states and the District of Columbia have taken advantage of the ACA regulations that allow them to expand Medicaid to individuals with up to 138% of the federal poverty level (FPL) to have an opportunity to enrol

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ACA Times

JULY 23, 2018

2 minute read: The annual PCORI fees are due at the end of the month from health insurers and plan sponsors offering self-funded health insurance plans. On July 31, these employers must pay the Patient-Centered Outcomes Research Trust Fund Fee using Form 720 , otherwise known as the Quarterly Federal Excise Tax Return. According to the IRS, the fee should be paid using the Electronic Federal Tax Payment System (EFTPS).

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ACA Times

JULY 25, 2018

2 minute read: The Trump administration has said it would temporarily freeze funding for the “risk adjustment” program under the Affordable Care Act (ACA) because of conflicting court rulings, but a temporary fix may be in the works. The risk adjustment program takes health insurance payments from healthy enrollees and gives it to insurers to help offset the costs for the individuals with chronic illnesses, pre-existing conditions, and overall poorer health.

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ACA Times

JULY 30, 2018

2 minute read: . Another wave of Letter 226J penalty notices have been issued by the IRS, and all indications that this storm of tax notices will continue for the foreseeable future. According to the latest TIGTA report, the IRS identified 318,296 organizations that qualified as Applicable Large Employers (ALEs) for 2015. (ALEs are employers with 50 or more full-time or full-time equivalent employees, are required to offer minimum essential coverage to at least 95% of their full-time workforce a

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ACA Times

AUGUST 1, 2018

2 minute read: While the handwringing continues over anticipated healthcare premium increases for individuals who purchase insurance from Healthcare.gov and state healthcare exchanges in 2019, healthcare costs for employers under the Affordable Care Act (ACA) seem to be stabilizing. The annual report by Price Waterhouse Cooper’s Health Research Institute indicates a medical costs trend increase of 6% for employers in 2019, similar to 2018.

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ACA Times

AUGUST 6, 2018

Originally published on July 26, 2018, in Accounting Today. 3 minute read: The Internal Revenue Service now has the data to begin the analysis to calculate the potential penalties for tax year 2016 to be assessed against those organizations determined not to be in compliance with the ACA , according to the March 2018 report from the Treasury Inspector General for Tax Administration on the Affordable Care Act.

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ACA Times

AUGUST 8, 2018

2 minute read: . Why should your organization care about IRS Letter 226J? Well, it could propose millions of dollars in ACA penalties against your organization. The Letter 226J notices are being sent to certain larger employers the IRS believes have failed to comply with the requirements of the Employer Mandate under the Affordable Care Act (ACA) for the 2015 tax year.

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ACA Times

AUGUST 13, 2018

3 minute read: . The Trump administration has made repealing and replacing the Affordable Care Act a top priority. What’s interesting, however, is that as the White House continues to undermine the law, the Centers for Medicare & Medicaid Services (CMS) continue to approve Section 1332 waivers for reinsurance programs that will lower the cost of insurance premiums for those who most need help.

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ACA Times

AUGUST 15, 2018

2 minute read: The Affordable Care Act (ACA) is complex. The ACA Penalty Process now being initiated by the IRS is no exception. With 30 days to respond upon receipt of Letter 226J (you may want to request a reasonable extension), the process your organization undertakes to develop your response needs to be focused and efficient. A new infographic is now available that outlines the process of responding to Letter 226J as well as Letter 227 , which the IRS sends in acknowledgment of a Letter 226J

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ACA Times

AUGUST 20, 2018

2 minute read: Since President Trump took office, a top priority has been to repeal and replace the Affordable Care Act (ACA) and his administration continues its attempts to undermine the law. With midterm elections less than 90 days away, we can expect the ACA will once again take center stage. Much is at stake. The upcoming midterm elections are a critical time in American politics.

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ACA Times

AUGUST 22, 2018

2 minute read: As the IRS continues to issue Letter 226J penalty notices to organizations determined by the IRS to have failed to comply with the Affordable Care Act (ACA) for the 2015 reporting year, the IRS is also setting the groundwork for a Letter 226J process for the 2016 reporting year. A March 2018 report from the Treasury Inspector General for Tax Administration (TIGTA) on the Affordable Care Act stated that the IRS has the data and processes in place to begin the analysis to calculate

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ACA Times

AUGUST 27, 2018

5 minute read: It’s always interesting to look back and see how the contours of a law changes in time. The Affordable Care Act (ACA) is no exception. I wrote a five-part series about the ACA for “Construction Business Owners Magazine” in 2015. I found it interesting to revisit these articles. I share this first article in that series, with some updates, to provide some perspective on the ACA for those of you who are involved with ACA compliance.

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ACA Times

AUGUST 29, 2018

2 minute read: There has been a lot of talk about the future of the Affordable Care Act (ACA). With the midterm elections coming soon, Americans have stated that healthcare is top priority. For many health insurance companies, the ACA also has been top of mind as they struggled with the changes in the law that made it more challenging for them to make money while offering reasonably priced insurance plans on government health exchanges.

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ACA Times

SEPTEMBER 5, 2018

3 minute read: It’s no secret the IRS has been actively enforcing the Affordable Care Act’s Employer Mandate. To date, the IRS has identified a total of 49,259 employers that did not comply with the ACA for the 2015 tax year alone. So far, that’s more than 30,000 Letter 226J tax notices that have been issued with penalty assessments for more than $4.4 billion.

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ACA Times

SEPTEMBER 10, 2018

4 minute read: It’s always interesting to look back and see how regulation develops. The Affordable Care Act (ACA) is no exception. I wrote a five-part series about the ACA for “Construction Business Owners Magazine” in 2015. I found it interesting to revisit these articles. I share this second article in that series, with some updates, to provide some perspective on the ACA for those of you who are involved with ACA compliance.

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ACA Times

SEPTEMBER 12, 2018

2 minute read: It’s September. For many of our friends and neighbors, it’s a time to reflect on our summer as we transition into cooler fall weather. For those of us who are involved in Affordable Care Act compliance for our organizations and clients, it’s time to start getting ready for annual filings of ACA information with the IRS. Upcoming filing dates are as follows, subject to further announcements updating this information by the IRS: February 1, 2019.

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