Employers get extension on some ACA reporting dates

January 06, 2016 0 COMMENTS

The IRS has announced that it has extended the deadline for employers subject to certain reporting requirements necessary under the Affordable Care Act (ACA).

New deadlines have been set for employers subject to Sections 6055 and 6056 reporting requirements:End of the Month

  • The deadline for employers to furnish employees Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, has been extended to March 31. The previous deadline was February 1.
  • The deadline for filing Form 1094-B, Form 1095-B, Form 1094-C, and Form 1095-C with the IRS has been extended to May 31 for employers filing nonelectronically and to June 30 for employers filing electronically. (Employers filing 250 or more information returns are required to file electronically.)

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IRS sets 2013 standard mileage rate

November 26, 2012 0 COMMENTS

The IRS has announced the 2013 standard mileage rate to use in computing the deductible costs of operating an automobile for business use. Employers often use the rate to determine how much they will pay employees for using their personal vehicles for work-related purposes.

The 2013 rate for transportation or travel expenses is 56.5 cents per mile for all miles of business use. For more information, go to http://www.irs.gov/uac/2013-Standard-Mileage-Rates-Up-1-Cent-per-Mile-for-Business,-Medical-and-Moving.

IRS Offering Employers Break on Misclassification

September 22, 2011 0 COMMENTS

Employers worried that they may have misclassified independent contractors may find relief in a new program from the IRS.

The Voluntary Classification Settlement Program (VCSP) was announced September 21 and offers employers the opportunity to get into compliance by making a minimal payment covering past payroll tax obligations rather than waiting for an IRS audit.

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Employers Welcome IRS Deferral of Health Care Reform’s W-2 Reporting Requirement

October 13, 2010 0 COMMENTS

The IRS recently issued Notice 2010-69, which defers the Form W-2 reporting requirement found in the Patient Protection and Affordable Care Act (PPACA) by clarifying that such reporting won’t be mandatory for W-2s issued for 2011.

The provision in the PPACA that addresses this W-2 reporting was designed to be effective for taxable years beginning after December 31, 2010.

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IRS Issues Guidance on 2011 Health Care Account Changes

September 08, 2010 0 COMMENTS

On September 3, 2010, the IRS issued guidance addressing the changes made by the health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act of 2010) to the use of certain health care accounts.

More specifically, effective in 2011, the health care reform legislation limits distributions for qualified medicine under health savings accounts (HSAs), Archer medical savings accounts (MSAs), health flexible spending arrangements (FSAs), and health reimbursement arrangements (HRAs) to prescription drugs and insulin.

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IRS Releases HIRE Act Affidavit Form

April 12, 2010 0 COMMENTS

The IRS recently released Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit. The HIRE Act (H.R. 2847), a jobs bill President Barack Obama signed into law on March 18, 2010, provides tax breaks to employers that hire unemployed workers or individuals who were working only part-time in 2010. Under the HIRE Act, qualified employers could receive a payroll tax incentive and a general business tax credit.

Under the HIRE Act, employers may be entitled to the payroll tax incentive if they hire “qualified” employees. Under one of the requirements for an employee to be “qualified,” employers must receive a signed affidavit from a new hire that she hasn’t been employed for more than 40 hours during the previous 60 days (the 60-day period ends on the date the employee starts work). Employers can use Form W-11 to satisfy this requirement, and it can be located at www.irs.gov/pub/irs-pdf/fw11.pdf.

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IRS Issues New COBRA Guidance for Employers

April 02, 2009 0 COMMENTS

Update Dec. 16: House Passes COBRA Subsidy Extension and Expansion

The IRS has issued guidance on the COBRA premium assistance or subsidy provisions of the economic stimulus bill recently passed in Congress. Under the provisions, eligible employees who were involuntarily terminated from their jobs between September 1, 2008, and December 31, 2009, and their qualified beneficiaries are entitled to up to nine months of COBRA health insurance coverage at a 65% reduction over what they would normally pay. The 27-page guidance (IRS Notice 2009-27) was issued late on March 31.

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