The following articles were posted in 2016.
With the December 7, 2016 passage of the long-awaited Cures Act and President Obama having signed it into law, many small employers and their employees can now rejoice that an onerous IRS ruling is overturned. Starting January 1, 2017, small employers that do not offer group health insurance to their employees will have a tool to provide a tax-favored reimbursement to their employees. And more good news: there’s transition relief retroactive for all plan years beginning on or before December 31, 2016 that the onerous penalties announced by the IRS in Notice 2015-17 are no longer in effect.
Posted on December 08, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
The IRS has issued Notice 2016-70, extending the due date for 1095-B and 1095-C forms to be delivered to employees from January 31, 2017 until March 2, 2017. However, the Notice also points out that the regular due date for filing those same 1095-Bs and Cs with the IRS (covered by the 1094-B or 1094-C) remains the same: February 28, 2017 if filing paper copies or March 31, 2017 if filing electronically.
Posted on November 21, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
The IRS has just released the new 1094-C and 1095-C forms for 2016 for employer reporting of health coverage both to employees and to the IRS. There are many notable differences from the first year’s forms in 2015 that employers will need to prepare for now.
Posted on October 05, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
Employers are beginning to receive new ACA Marketplace notices. As you can well imagine, employers receiving these are often confused and sometimes frightened since the notice also contains language about IRS penalties. The employer shared responsibility penalties that may be imposed under the Affordable Care Act (ACA) are substantial, and no one wants to be responsible for failing to take action that may preclude an assessment of penalties.
Posted on September 30, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
We’re often asked if an employer can post a plan’s Summary Plan Description (SPD) on its company’s intranet website. The answer is a qualified yes, as long as certain rules are followed. The Department of Labor (DOL) provides a safe harbor for electronic disclosure of plan documents including the use of an intranet. The safe harbor sets forth general requirements for all electronic disclosures and additional requirements for recipients that do not have computer access at work.
Posted on September 15, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
If you were considering adopting a brand new safe harbor 401(k) plan, or were contemplating adding 401(k) features to an existing profit sharing plan, the deadline to do so is fast approaching. You would need to adopt and implement the plan by no later than October 1, 2016 if your plan was to operate on a calendar year and you wanted the safe harbor to be effective for the remainder of 2016. If you wish to turn a “traditional” 401(k) plan—that is, a non-safe harbor 401(k)—into a safe harbor plan, the deadline to do so is January 1, 2017 for an effective date in 2017.
Posted on September 14, 2016 by Lori Kiess, Account Manager-Retirement Plans
The IRS has issued a bulletin notifying filers of Form 1094 and 1095 information returns that the Affordable Care Act Information Returns (AIR) Program system for accepting electronic returns will remain up and running after the June 30, 2016 filing deadline.
Posted on July 07, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
In the June 1, 2016 issue of Workforce Magazine, Kushner & Company’s President and CEO Gary Kushner proposes fixes to the Cadillac Tax on employer health plans. These fixes include utilizing the metal tiers of health coverage offered, removing health care FSA, HRA and HSA contributions from the calculation, and only assessing the Cadillac Tax on platinum level plans.
Posted on June 15, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
Under the ACA, the Patient-Centered Outcomes Research Institute (PCORI) was established. The funding mechanism for PCORI was a fee on group health plans, including employer-contributed health care flexible spending accounts (FSAs) and Health Reimbursement Arrangements (HRAs). An IRS Form 720 is required to be filed each year by July 31st (August 1, 2016 this year due to July 31st being on a weekend).
Posted on June 10, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
There’s both good news and bad news for employers in the final rule issued on May 17, 2016. The good news is that compared to the proposed regulations, the DOL did address some employer concerns in the final regulation. For example, a key issue for many employers, particularly small to mid-sized ones, was that the duties test for the executive, professional, and administrative exemptions would be significantly modified. It was not changed at all from the current standards. The bad news—that’s a longer list.
Posted on May 18, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
On April 29, 2016, the IRS issued the HSA contribution limits and HDHP design requirements for 2017.
Posted on April 29, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
In its reporting of IRS Announcement 2016-16 , the National Small Business Association (NSBA) credited Kushner & Company’s President and CEO Gary Kushner with playing a critical role in Treasury’s withdrawal of a proposed regulation that, if finalized, would have significantly damaged a small employer’s ability to structure a retirement plan for the owner and his or her employees. The NSBA article went on to describe why the initial proposal was so harmful , and what it would have meant in reduced or completely eliminated retirement benefits for small business employees.
Posted on April 27, 2016 by Ian Thrasher
On a bimonthly schedule, Gary Kushner, our President and CEO, is invited to write a column for Workforce Management Magazine. In the April edition, he reviews many of the Q&A’s in IRS Notice 2015-87 issued at the end of last year.
Posted on April 01, 2016 by Ian Thrasher