Affordable Care Act

ACA Regulatory Update: Why a “Good Faith” Reporting Year Doesn’t Zero Out Penalties

ACA Regulatory Update: Why a “Good Faith” Reporting Year Doesn’t Zero Out Penalties

April 21, 2017, 3:59 pm EDT in Affordable Care Act, Blog

The Affordable Care Act Employer Mandate is in full force for tax years 2016 & 2017, despite the ongoing dialogue in Washington DC.  Although it is a “good faith” filing year, corrections and replacements are still required and penalties can be enforced.The Affordable Care Act Employer Mandate has been a...

SHRM Webinar Handling ACA Replacements and Corrections

Webinar Q&A: Handling ACA Replacements & Corrections

March 30, 2017, 9:00 am EDT in Affordable Care Act, Blog

Sovos recently partnered with the Society for Human Resource Management (SHRM) to host an informative webinar detailing Affordable Care Act replacements and corrections. The webinar was a success for everyone involved and we received a number of important and thought-provoking questions.Two of our tax gurus, John Kreger and Gerry...

Congress considers options for the Affordable Care Act, ACA

ACA Regulatory Update: ACA Remains the Law of the Land for US Employers

March 29, 2017, 9:00 am EDT in Affordable Care Act, Blog

The Employer Mandate — along with all associated reporting obligations and penalties — will live on throughout Tax Year 2017, and likely beyond. This news emerged in the wake of the showdown between the recently introduced American Health Care Act and the incumbent Affordable Care Act.The short-lived AHCA legislation...

Congress considers options for the Affordable Care Act, ACA

ACA Regulatory Update: Republicans Mount Opposition to Proposed Legislation

March 20, 2017, 7:00 am EDT in Affordable Care Act, Blog

The eventual fate of the American Health Care Act remains uncertain one week after its release. Conservative and moderate Republicans alike have expressed opposition to the bill, indicating the eventual legislation passed into law will likely be significantly different from last week’s proposal.Members of Congress do not seem particularly...

Congress considers options for the Affordable Care Act, ACA

ACA Regulatory Update: Employer Mandate on Life Support

March 10, 2017, 8:30 am EDT in Affordable Care Act, Blog

The fate of the Affordable Care Act employer mandate is becoming clear. Proposed ACA replacement legislation released Monday, entitled the American Health Care Act, aims to dismantle the employer mandate by zeroing out the associated penalties. Despite this, the AHCA maintains both employer and insurer reporting requirements.The employer mandate...

Congress considers options for the Affordable Care Act, ACA

ACA Update: Leaked Republican Legislation Would Phase Out Key Provisions

March 1, 2017, 3:33 pm EDT in Affordable Care Act, Blog

Recently leaked draft legislation provides further insight into Republican plans for healthcare overhaul and associated reporting requirements. The draft, which is nearly three weeks old, indicates key provisions of the law – such as the taxes, mandates, Medicaid expansion and subsidies – would be phased out and replaced between 2018...

ACA reporting update

ACA Update: IRS Tweak to Individual Reporting – What It Means

February 16, 2017, 3:06 pm EDT in Affordable Care Act, Blog

Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations.The IRS has implemented its first regulatory change in response to President Trump’s executive order. The...