Affordable Care Act

ACA reporting update

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

February 16, 2017, 3:06 pm EST 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...

Congress considers options for the Affordable Care Act, ACA

Expert Q&A: What Does Trump’s Executive Order Mean for Employers?

January 23, 2017, 5:14 pm EST in Affordable Care Act, Blog

President Trump took immediate steps to fulfill his campaign promise to repeal the Affordable Care Act on his first day in office. The President signed an executive order on Friday, which he said was intended to “ease the burdens of the Affordable Care Act.” The broad-reaching order is the manifestation...

Congress considers options for the Affordable Care Act, ACA

Despite “Repeal and Replace” Momentum, Affordable Care Act’s Employer Mandate Likely to Stand Through 2018

January 16, 2017, 12:58 pm EST in Affordable Care Act, Blog

Congress approved a budget blueprint last week that sets up a vote on a formal repeal measure as soon as January 27th. However, Republicans remain committed to a “repeal and replace” approach, and have suggested that any changes to the employer mandate may take years to go into effect.Republican Chris...

IRS

IRS is Extending ACA Filing Deadline and Good Faith Compliance Standard

November 21, 2016, 11:46 am EST in Affordable Care Act, Blog

The Internal Revenue Service (IRS) made two important announcements regarding the information reporting requirements imposed under the Affordable Care Act (ACA) in Notice 2016-70, released on November 18, 2016. Specifically, the IRS announced:That it was extending the due date for furnishing statements to recipients (Forms 1095-B and 1095-C) That...

The Future of ACA in the Wake of the Election

November 11, 2016, 8:00 am EST in Affordable Care Act, Blog

Tuesday’s presidential election spurred hyperbolic talk about potential implications to Affordable Care Act (ACA) legislation, leaving businesses wondering if they would still need to comply with this legislation and what it may look like going forward.First, it is important to remember that ACA is still in effect and will continue...

IRS Delays E-Service Re-Registration Planned for October 24

IRS Delays E-Service Re-Registration Planned for October 24

October 5, 2016, 2:26 pm EST in Affordable Care Act, Blog, Tax Information Reporting

Update from the IRS as of October 24th Revised Date Information for e-Service Users To ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. In the next few weeks, the IRS...

ACA reporting

Sovos Successfully Supported 20 Million Households with 2015 ACA Reporting

August 10, 2016, 10:00 am EST in Affordable Care Act, Blog

In less than 12 months, Sovos Compliance developed and delivered to market Sovos ACA, a software to support businesses with their ACA compliance requirements. In less than 12 months, Sovos Compliance, a global leader in tax and business-to-government compliance software, successfully delivered to market Sovos ACA, a new product to support...

TIN ACA

IRS Releases Long Awaited TIN Solicitation Guidance

August 4, 2016, 1:41 pm EST in Affordable Care Act, Blog, Tax Information Reporting

The IRS recently released long-awaited guidance for filers regarding TIN solicitation. The IRS proposed regulations for 6055 contain a number of clarifications for providers of health insurance. The most recent guidance—Notice 2015-68—filers received was released last September, just shy of a year ago.The proposed regulations discussed comments from filers regarding...

CRTRA Conference Recap: FLSA, ACA Reporting and Sales Tax Challenges

August 2, 2016, 9:27 am EST in Affordable Care Act, Blog, Indirect Tax

Recently, we attended the 2016 CRTRA Conference in Vail, Colorado. Along with the beautiful scenery, we were very impressed with the level of engagement at the Chain Restaurant Total Rewards Association and thoroughly enjoyed our time talking to people throughout the industry.We understand that Fair Labor Standards Act (FLSA) is...