ACA, DOL Legal and Compliance Updates
The anticipation is over, the Paid Family Leave rate has been released!
On June 1st, the Department of Financial Services released that the rate shall be Community Rated.
“As provided by Insurance Law 4235(n)(1), The Superintendent of the Department of Financial Services (“DFS”), in consultation with the Chair of the Workers’ Compensation Board, has determined that paid family leave benefits coverage issued pursuant to Article 9 of the Worker’s Compensation Law (“Family Leave Benefits”) shall be community rated. Community rating ensures that all employers are similarly treated and are not subject to cost variations based upon age, gender, geographic location, or any other demographic factor.”
American Health Care Act
The AHCA passed Thursday May 4, with 217 votes (216 needed).
Attached for your reading pleasure, should you so choose, is the Section by Section review of the Ways and Means Committee and includes the amendments from the Energy and Commerce Committee.
The bill now goes to the Senate. What will happen in the Senate with the bill is undetermined but the thought is the bill presented by the House will look nothing like what will come out of the Senate.
The timing for the Senate review is unknown but is widely thought to be a long and tedious several months ahead.
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”