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News and Events
Benefits Buzz – May 2018 - May 2018
Did You Miss the April 2 ACA Reporting
Deadline? Here’s What’s Next.
The Affordable Care Act
(ACA) created reporting requirements under Internal Revenue Code Sections 6055
and 6056 that require certain employers to provide information to the IRS about
the health plan coverage they offer (or do not offer) to their employees.
The annual deadline for the
2017 calendar year was Feb. 28, 2018, or April 2, 2018 (March 31, 2018, being a
Saturday), if filed electronically. Missing this deadline can result in severe
penalties of $260 per return with a maximum penalty of $3,218,500 per
organization. Moreover, if the IRS
that an organization intentionally failed to file their reports, the penalty
amount will be $530 per return without limitations.
What to do if You
Missed the Deadline
you missed the filing deadline, it’s important to remember that filing late is
better than not filing at all. It can also result in a reduced penalty amount.
an organization files within 30 days of the due date, the IRS will reduce the
penalty for late filings from $260 to $50. Filing after 30 days past the due
date but before Aug. 1 will result in a penalty of $100 per return with a
maximum of $1,609,500.
For More Information
learn more about ACA reporting requirements, or what else you can do if you
missed the deadline, please contact us today.
Virginia court is considering a lawsuit involving reference-based pricing (RBP)
and balance billing. The case, Glenn
Dennis v. Memorial Hospital of Martinsville & Henry County, appears to
be the first balance billing case to go to trial and could determine how courts
decide these disputes in the future.
your organization uses RBP, rather than a negotiated contract, your employees
may run into problems with balance billing. Contact us for more information
IRS Updates Employer Guide for 2018 Tax Changes
to Fringe Benefits
IRS recently released the 2018 version of Publication
15-B—Employer’s Tax Guide to Fringe Benefits,
which contains information for employers on the tax treatment of fringe
benefits. The 2018 version is significant because it incorporates the changes
made by the new tax law—the Tax Cuts and Jobs Act—to
the following fringe benefits:
- Moving expense
- Employee achievement
that offer fringe benefits should review the 2018 version of Publication 15-B
and work with their tax advisors to implement the tax changes.