IRS Extends Affordable Care Act Reporting Deadlines

Welcome Relief for Employers By Jeffrey R. Spencer, CPA, Principal, Ciuni & Panichi, Inc. The Internal Revenue Service (“IRS”) has issued Notice 2016-4 which automatically extends the due dates of the new Affordable Care Act (“ACA”) reporting forms for the 2015 calendar year.  The extension applies to IRS Forms 1094/1095-B (Issuer of Minimum Essential Coverage)…

Affordable Care Act New Reporting Requirements

Action Required Now By:  Jeffrey R. Spencer, CPA, Principal, Ciuni & Panichi, Inc. The Affordable Care Act (ACA) imposes significant new reporting requirements on large employers beginning with the 2015 calendar year.  The ACA defines “large” as those employers with 50 full-time or full-time equivalent employees.  For this purpose, “full-time” is defined as 30 hours…

FSA Plans: Employers, Have You Amended Your Plans to Allow Rollover?

Health care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored benefit plan that pays, or reimburses them for, qualified medical expenses not covered by health insurance. A maximum employee contribution limit of $2,500 went into effect in 2013. (Employers can set a lower limit, however, and there will continue to…

Short-term ACA Relief Now Available for Midsize and Large Employers

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those with the equivalent of 50 or more full-time employees. Play-or-pay had been scheduled to go…

Retirement Planning: When to Increase Contributions

Should you Increase your Retirement Plan Contributions in 2014? It’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed into an employer-sponsored defined contribution plan is likely a smart move. Retirement Planning: Contributing the Maximum When planning for retirement, you can reap major benefits from maximum contributions for these reasons: 1. Retirement…