Affordable Care Act, Health Insurance, IRS

You May be Able to Increase Health Plan Premiums and Stay Affordable in 2025

Bricker Graydon LLP on 9/17/2024

For the first time in four years, the IRS adjusted the affordability percentage used for the shared responsibility penalties. The IRS recently announced that the affordability percentage for 2025 will be 9.02%....more

IRS Issues Affordability Percentage Adjustment for 2025

Woodruff Sawyer on 9/12/2024

The Internal Revenue Service (IRS) has released Rev. Proc. 2024-35, which contains the inflation adjusted amounts for 2025 used to determine whether employer-sponsored coverage is “affordable” for purposes of the Affordable...more

Caution! Contents Hot: Key Benefits Issues to Watch During the Remainder of 2024

Bass, Berry & Sims PLC on 4/10/2024

While the sweltering roil of temporary regulatory changes related to the COVID-19 pandemic may have cooled and the initial burst of SECURE 2.0 steam begins to dissipate, sponsors of employee benefit plans should keep their...more

IRS Releases 2024 Limits for Health and Welfare and Related Plans

Seyfarth Shaw LLP on 11/30/2023

Seyfarth Synopsis: The IRS has announced an increase to the applicable dollar amount for determining the Patient-Centered Outcomes Research Institute (“PCORI”) Fee for 2024 as well as other health and welfare limits....more

Compliance Alert: IRS Releases PCORI Fee For Plan Years Ending Before October 1, 2024

Woodruff Sawyer on 10/20/2023

The IRS has released Notice 2023-70, which sets the applicable PCORI fee for plan years ending between October 1, 2023 and September 30, 2024 at $3.22 per covered life....more

Affordability Under the ACA: How to Ensure Your Company Stays in Compliance

Woodruff Sawyer on 10/16/2023

n 2024, the Affordable Care Act (ACA) employer-coverage affordability percentage will be at the lowest threshold since the ACA came into effect. The IRS recently released the 2024 inflation-adjusted amounts, which decreases...more

Important Change to ACA Electronic Reporting

Venable LLP on 10/16/2023

Beginning in 2024, almost all employers will need to file their Affordable Care Act (ACA) forms electronically. Previously, employers were required to file electronically only if they were filing 250 or more of a specific...more

Employers May Have to Pay More in 2024 as Affordability Threshold Hits New Low for Second Year in a Row

Seyfarth Shaw LLP on 10/9/2023

Seyfarth Synopsis: The IRS has announced adjustments decreasing the affordability threshold for plan years beginning in 2024, which may cause employers to have to pay more for ACA compliant coverage in 2024. The IRS...more

IRS Reduces 2024 Affordability Percentage

Williams Mullen on 9/28/2023

The Internal Revenue Service (IRS) decreased the Affordable Care Act (ACA) affordability percentage for 2024 to 8.39%. This percentage is used to assess whether an applicable large employer’s (ALE) lowest-premium health plan...more

Planning for Open Enrollment? Note the ACA Affordability Threshold Drop

Bass, Berry & Sims PLC on 9/20/2023

On August 23, the Internal Revenue Service issued Rev. Proc. 2023-29, announcing that the Affordable Care Act (ACA) affordability threshold will be 8.39% for plan years beginning in 2024, a substantial decrease from the 9.12%...more

Tighter Margins: IRS Makes It More Difficult to Meet ACA Affordability Safe Harbors in 2024

Snell & Wilmer on 9/15/2023

We have reported previously on the importance of understanding the coverage and reporting rules of the Affordable Care Act. In particular, Code Section 4980H imposes penalties on large employers for failure to offer minimum...more

ACA Affordability Test Will Be More Difficult to Pass in 2024

Baker Donelson on 9/12/2023

As employers are preparing for 2024 open enrollment, they should be aware that the Affordable Care Act (ACA) affordability safe harbors are going DOWN for 2024. The IRS has just released Revenue Procedure 2023-29, which...more

You May Need to Lower Employees’ Premiums to Keep Your Plan Affordable Under the ACA

Bricker Graydon LLP on 9/7/2023

For the third year in a row, the IRS adjusted the affordability percentage used for the shared responsibility penalties down. The IRS recently announced that the affordability percentage for 2024 will be 8.39%. This is down...more

ACA Affordability Updated: Rev. Proc. 2023-29

Jackson Lewis P.C. on 9/5/2023

Under the Affordable Care Act (ACA), applicable large employers (ALEs) — i.e., those with, on average, fifty (50) or more full-time or full-time-equivalent employees in the preceding year — must offer in the following year...more

Compliance Alert: IRS Issues Affordability Percentage Adjustment for 2024

Woodruff Sawyer on 8/28/2023

The Internal Revenue Service (IRS) has released Rev. Proc. 2023-29, which contains the inflation adjusted amounts for 2024 used to determine whether employer-sponsored coverage is “affordable” for purposes of the Affordable...more

Breaking Down ACA Penalty Letters: IRS’s 2021 Initiative

Trusaic on 8/25/2023

The IRS has issued its first ACA penalty letters for tax year 2021. While employers have been forewarned, many may not be fully armed to respond in a timely and compliant manner. The IRS is making good on its promise, and...more

Joint Proposed Rule Aims to Increase Consumer Protections Under the Affordable Care Act

King & Spalding on 7/18/2023

HHS, the Department of Labor’s Employee Benefits Security Administration, and the Internal Revenue Service (IRS) (collectively, the Departments) issued a proposed rule on July 7, 2023, aimed at shoring up consumer protections...more

Compliance Alert: Reminder PCORI Fees Due By July 31, 2023

Woodruff Sawyer on 6/22/2023

Employers that sponsor self-insured group health plans, including health reimbursement arrangements (HRAs) should keep in mind the upcoming July 31, 2023 deadline for paying fees that fund the Patient-Centered Outcomes...more

Affordable Care Act Battle Rages On: Fourth Circuit Holds Individual Mandate Is a Tax in Bankruptcy

Rosenberg Martin Greenberg LLP on 1/25/2023

As originally enacted, the Affordable Care Act (“ACA”) required most people to maintain health insurance. Those who did not maintain the required insurance were obligated to pay a “shared responsibility payment” (“SRP”),...more

Tax Court in Brief | Henry v. Comm’r | Affordable Care Act and Deficiency for Amounts of Advance Premium Tax Credits

Freeman Law on 1/10/2023

Summary: From early 2015 and through 2016 Marie Henry (“Henry”) was unemployed and in a terrible financial, physical, and mental state. To get by, she made early withdrawals from a retirement plan. She was enrolled in health...more

1095-C Codes for the 2022 Tax Year

Trusaic on 1/10/2023

The arrival of a new year marks the time to begin preparing annual 1095-C filings with the IRS and select state governments. Fortunately for employers, there aren’t any new 1095-C codes for the 2022 tax year. Still, with...more

[Webinar] How HR Can Outsource ACA Compliance to Save Time and Reduce Penalty Risk - January 31st, 11:00 am - 11:45 am PST

Trusaic on 1/6/2023

With the new year upon us, organizations must turn their attention to the annual ACA reporting requirements. As we head into the 8th filing season, complying with the healthcare law’s Employer Mandate looks nothing like it...more

Patient Protection and Affordable Care Act (PPACA) › Health Insurance › Internal Revenue Service