Article written by Michael W. Ferguson, as seen in the New York Post New York’s state legislators are thinking small — literally. The state’s definition of “small business” expanded Jan. 1, thanks to legislation passed in 2013. Many firms that thought of themselves as medium-size are now legally considered “small.” One consequence: They’re barred from [...]
When President Obama signed the new Consolidated Appropriations Act of 2016 into law in late December, he delayed both the Cadillac and Medical Device taxes by two years, from 2018 to 2020. The legislation also provided for the deductibility of the Cadillac Tax, which is an excise tax of 40% on the “excess benefit” of [...]
Article is from Zack Pace, from Employee Benefit News (EBN) Commentary: As you’ve no doubt noticed, the federal government made sweeping legislative and regulatory changes to the Affordable Care Act during the fourth quarter of 2015. During the last two weeks of December, I felt like I was drinking from a six-inch fire hose. How [...]
The Internal Revenue Service (IRS) just announced that the fee that supports the Patient Centered Outcomes Research Institute (PCORI) will increase from $2.08 to $2.17 per covered life, an increase of 4.3%. The increase will apply to health plan years that end on or after Oct. 1, 2015 and before Oct. 1, 2016. Under the [...]
These days change and added regulations are happening at a rapid pace and at Diversified Group, we’re here to help our client employers avoid confusion. That being said, here are a few words of advice we can give that may help you… Don’t Tolerate a Sky-High Renewal – Planning can come to a halt when [...]
"A health law fine on the uninsured will more than double" Article is by Ricardo Alonso-Zaldivar, Associated Press, from wfsb.com Washington (AP) - The math is harsh: The federal penalty for having no health insurance is set to jump to $695, and the Obama administration is being urged to highlight that cold fact in its [...]
Supreme Court Upholds Health Law Subsidies In a decision rendered earlier today, the U.S. Supreme Court ruled that contested language in the Affordable Care Act allows the administration to offer premium subsidies in the form of tax credits to people in all states. This includes states that have not launched their own exchange. Since tax [...]
Client educational seminar covers Sections 6055/6056 reporting requirements and the Cadillac Tax. On June 17th, Diversified Group will be hosting a client seminar, entitled What Every Employer Should Know about Their ACA 6055 & 6056 Reporting Requirements. Companies who have yet to establish their reporting strategies should use this seminar to get a clear picture [...]
Taking ownership of 6055 & 6056 reporting requirements under ACA. If you offer your employees a generous health care plan, you could be subject to the ‘Cadillac Tax’. Even if your plan only meets minimum essential coverage requirements, you still must file reports to the IRS detailing the coverage you provide, and to whom – [...]
Article is from Arielle Levin Becker, as seen in the CT Mirror As many as 30,000 customers of the state’s health insurance exchange could lose their coverage or see a drop in the subsidies used to discount their premiums next month because they did not submit information needed to verify their eligibility, acting exchange CEO [...]
