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 [...]
While there is plenty of discussion about the tax on high cost health plans, the tone has changed somewhat since the CBO said the federal government would forfeit over $80 billion if the tax were repealed. One of the big concerns related to the Cadillac Tax is its impact on benefits that help reduce out-of-pocket [...]
With so much information flying around on the Affordable Care Act, it can be a challenge to determine what is correct. In an effort to clear up ACA confusion, here are a few facts that you may have seen misstated. Fiction: The out-of-pocket limits applicable to qualified high deductible health plans are the same as [...]
One of the mandates of the Affordable Care Act is that employers pay a 40% excise tax on the value of high-cost health plans – the ‘Cadillac Tax’. Scheduled for implementation beginning 2018, the tax is calculated as 40% of the excess of total per employee per year (PEPY) health care costs above threshold limits [...]
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 – [...]
