ACA, DOL Legal and Compliance Updates
House Health Committees Advance GOP’s ACA Repeal/Replace Bill
While in Washington last week participating in the ECFC conference, I attended the House Ways & Means mark-up into the early morning Thursday and the Energy & Commerce mark-up Thursday afternoon. The Committees advanced their respective pieces of Fiscal Year 2017 budget reconciliation legislation, which repeals and replaces the Affordable Care Act (ACA).
There is much uncertainty on the path forward, we will be watching developments and I will be back in Washington in April.
-Lisa Allen, VP Regulatory Affairs
Subject: Individual Tax Returns
Healthcare coverage on your taxes? Now optional!
The health law’s individual mandate requires everyone to either maintain qualifying health coverage or pay a tax penalty, known as a “shared responsibility payment.” The IRS was set to require filers to indicate whether they had maintained coverage in 2016 or paid the penalty by filling out line 61 on their form 1040s. Alternatively, they could claim exemption11 from the mandate by filing a form 8965.
Lisa Allen, CHRS, CFC, CAS VP Regulatory Affairs is one of only seven from across the nation, newly appointed as members to serve a three-year term on the IRS Information Reporting Program Advisory Committee (IRPAC).
IRPAC, which meets regularly in Washington, is a federal advisory committee that advises the IRS on various tax administration and reporting. IRPAC members present their annual report to the IRS Commissioner at a public meeting each October.
The IRS has released Health Care Tax Tip 2017-01
Employers that hire Holiday Help and any Seasonal Help, need to understand the ACA rules around Seasonal “Workers” and Seasonal “Employees”
IRS Provides a 30-Day Extension for Furnishing Forms 1095
Post-Election: What Now for Obamacare?
Our best guess about the future of the Affordable Care Act.
2016 ACA Reporting … Stay the Course!
We have received MANY questions regarding 2016 reporting that is due in 2017 and the repeal of ACA.