The IRS is giving employers, insurers, and other coverage providers two gifts this holiday season, but one may seem more like a lump of coal. First, the IRS has extended the deadline for employers to furnish Affordable Care Act (“ACA”) reporting forms to employees. Second, the IRS and other agencies have proposed a new rule requiring group health plans and insurers to disclose health coverage cost information to health plan participants. As detailed below, the ACA reporting extension guidance also extended the “good faith relief” standard for reporting errors; ...

Federal Agencies Want to Hear From You

In an effort to minimize the economic burden of the Patient Protection and Affordable Care Act (PPACA), various federal agencies are soliciting input from the public on the challenges that employers with PPACA “grandfathered” group health plans (or coverages provided by health insurance issuers) face in avoiding a loss of the “grandfathered” status (of these group health plans). Many employers desire to maintain the “grandfathered” status of their group health plans because these plans are subject to only certain provisions of ...

Overview

Since January 1, 2018, and by reason of The Tax Cuts and Jobs Act, (the Act), taxable employers have been denied deductions for their expenses for Qualified Transportation Fringe (QTFs) benefits provided to their employees and tax-exempt employers have been required to recognize unrelated business taxable income (UBTI) for their expenses in providing QTF benefits to their employees. Additionally, the Act mandates that the amounts of denied deductions and additions to UBTI be based on the “expenses” of the employer in providing the QTFs as opposed to the “value” ...