Author Blog Post Archive
On October 2, 2020, the IRS issued Notice 2020-76 which provides ACA reporting relief similar to what has been granted in prior years. There are strong indications in the Notice that this will be the last year the relief is given. The IRS had previously requested comments on the relief for furnishing the forms to […]
In response to the Trump Administration Executive Order regarding improving price and quality transparency in American health care, the Centers for Medicare and Medicaid Services (CMS), the Department of Labor (DOL), and the Treasury Department issued final and proposed regulations that impose transparency requirements on hospitals, health insurers, and group health plans as described below.
Generally, many fringe benefits provided to employees are excluded from taxable income. However, this favorable tax treatment is not available to an S corp shareholder who owns more than 2% of the stock of the corporation on any day of the corporation’s tax year (referred to as a 2% shareholder). Section 1372 of the Internal […]
This issue of the Benefit Minute summarizes nontaxable and taxable fringe benefits that are provided to employees by employers. It reflects changes made by the Tax Cuts and Jobs Act. Many of these items are described in IRS Publication 15-B, Employer’s Tax Guide to Fringe Benefits. However, it’s important to understand the different types of […]
This issue of the Benefit Minute provides a recap of some recent state and federal legislative and regulatory activity.
The IRS has issued final versions of Forms 1094-B, 1094-C, 1095-B and 1095-C for use by insurers, employers and other entities to report enrollment in minimum essential coverage and the offer of minimum essential coverage. This Benefit Minute provides an overview of the reporting requirements and provides detail on changes to the forms for the […]
Benefit Minute is a monthly newsletter written and distributed by PSA’s Director of Employee Benefits Compliance, Tina Bull.
