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Tagged in: Health Care Reform 87

2015 Draft Instructions for 6055 and 6056 Reporting Including Filing Extensions

  • By Poms Connects
  •  |
  • Aug 20, 2015

Summary: The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) or provide to their employees. Reporting is first required in 2016, related to coverage offered or provided in 2015.
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Topics: Health Care Reform, Affordable Care Act ACA

IRS Issues Notice 2015-52 on Cadillac Tax Implementation

  • By Poms Connects
  •  |
  • Aug 19, 2015

Summary: For taxable years beginning in 2018, the Affordable Care Act (ACA) imposes a 40 percent excise tax on high-cost group health coverage. This tax, also known as the “Cadillac tax,” is intended to encourage companies to choose lower-cost health plans for their employees.On July 30, 2015, the Internal Revenue Service (IRS) issued Notice 2015-52 to continue the process of developing guidance to implement the Cadillac tax.
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Topics: Health Care Reform, Affordable Care Act ACA

Why Your Eligibility for Employer Health Coverage Can Change

  • By Poms Connects
  •  |
  • Aug 17, 2015

Summary: The Affordable Care Act (ACA) requires that applicable large employers offer health insurance coverage to full-time employees and dependents. Penalties are imposed on employers that do not offer required coverage and on employers that offer coverage that is considered unaffordable or does not provide minimum value. The employer penalty rule is also called the employer shared responsibility or pay or play rules.
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Topics: Health Care Reform, Affordable Care Act ACA

Health Care Reform: What Does the Individual Mandate Mean to Me

  • By Poms Connects
  •  |
  • Aug 14, 2015

Summary: A key provision of the Affordable Care Act is the "individual mandate," which requires most individuals to purchase health insurance coverage or pay a penalty. This document clarifies some common questions about the individual mandate.
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Topics: Health Care Reform, Affordable Care Act ACA