24 Oct

Posted at 01:19h in Employee Benefits White Papers by . .

On Oct. 2, 2020, The Internal Revenue Service (IRS) Issued Notice 2020-76 To:

  • Extend the due date for furnishing forms under Sections 6055 and 6056 for 2020 from Feb. 1, 2021, to March 2, 2021; and
  • Provide a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 and 6056; and
  • Provide additional penalty relief related to furnishing 2020 forms to individuals under Section 6055. Under this relief, employers will only have to provide Form 1095-B to covered individuals upon request.

24 Oct

Posted at 01:18h in Employee Benefits White Papers by . .

The Internal Revenue Service (IRS) Released Final 2020 Forms And Instructions For Reporting Under Internal Revenue Code (Code) Sections 6055 And 6056.

  • 2020 Form 1094-B and Form 1095-B (and related instructions) will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that are not ALEs, to report under Section 6055.
  • 2020 Form 1094-C and Form 1095-C (and related instructions) will be used by applicable large employers (ALEs) to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.

24 Oct

Posted at 01:16h in Employee Benefits White Papers by . .

The Internal Revenue Service (IRS) Released Draft 2020 Instructions Related To Forms For Reporting Under Internal Revenue Code (Code) Sections 6055 And 6056. Draft Forms For This Reporting Were Released In July 2020.

  • 2020 draft Forms 1094-Band 1095-B and related draft instructions will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that are not ALEs, to report under Section 6055.
  • 2020 draft Forms 1094-Cand 1095-C and related draft instructions will be used by applicable large employers (ALEs) to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.

02 Oct

Posted at 17:39h in Employee Benefits White Papers by . .

HR Compliance Bulletin headerMany health plans provide coverage for employees’ dependent children. Since 2010, the Affordable Care Act (ACA) has imposed strict requirements on plans that provide dependent coverage. These requirements prohibit restrictions that employers had frequently used to limit dependents’ eligibility for coverage prior to 2010.

Specifically, group health plans and health insurance issuers offering group or individual coverage that provide dependent coverage to children on their parents’ plans must make coverage available until the adult child reaches age 26. As employers look for ways to reduce the costs of providing coverage to employees and their families, they may be considering limiting dependent coverage, or imposing additional costs or restrictions on eligibility. However, these measures may be prohibited by the ACA. This Compliance Bulletin provides an overview of the rules that employers must follow when offering dependent coverage.

02 Oct

Posted at 16:34h in COVID-19, Employee Benefits by . .

Employers are responsible for educating their employees about the health coverage options they offer. Now, amid massive uncertainty caused by events such as the COVID-19 pandemic, the upcoming presidential election and the impending court case over the constitutionality of the Affordable Care Act (ACA), employees may be more stressed than ever about the status of their employee benefits.

That’s why it’s so critical to provide transparent and effective communication to employees about their benefits. Talking to Employees About Stressful Current Events Employees may be experiencing stress due to the uncertainty caused by the pandemic, the election and the status of the ACA. While you may not have all the answers, you can explain what’s going on and, if possible, how your organization is or will be responding. Consider the following talking points.