IRS to Publish Final Health Insurance Tax Credit Regulations on May 23

The Internal Revenue Service (IRS) on Wednesday, May 23, is expected to publish in the Federal Register final regulations regarding health insurance tax credits under the Patient Protection and Affordable Care Act (PPACA) of 2010. The Congressional Budget Office (CBO) estimates that the average tax credit, available to individuals and families who fall within 100 […]

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IRS Issues Guidance on Automatic Enrollment in Health Insurance

The Internal Revenue Service (IRS), in conjunction with the Department of Labor (DOL) and the Department of Health and Human Services (HHS), recently released a notice (really more of an FAQ) on issues relating to the full implement of the Patient Protection and Affordable Care Act (PPACA) in 2014. The notice covers automatic enrollment in […]

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IRS Urges Small Businesses to Take Advantage of Health Insurance Tax Credit

With business tax-filing deadlines fast approaching, the Internal Revenue Service this week encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. The Small Business Health Care Tax Credit  page on IRS.gov is packed with information and […]

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Health Insurance Rebates Kick in Aug. 1, Providing….

Rules from the Department of Labor (DOL) that kicked in Jan. 1 mandate that health insurers rebate to plan participants any money left over if they fail to achieve the goal of spending 80 to 85 percent of every premium dollar on medical care or health care quality improvement. The first payments would commence Aug. […]

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Veterans Job Bill Passes Congress, Obama to Sign Soon

The VOW to Hire Heroes Act has  passed the House unanimously after the Senate earlier amended it. President Obama intends to sign it soon. Originally part of the failed American Jobs Act, the bill establishes tax credits for businesses that hire unemployed veterans and was included as an amendment to tax legislation that passed earlier […]

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IRS Establishes Worker Misclassification Amnesty Program

The Internal Revenue Service (IRS) has commenced a program by which companies can admit to having misclassified workers as independent contractors and settle up by paying a portion of back taxes owed, thereby avoiding most penalties and fees assessed during an audit. There are strings attached, of course. The company applying for the amnesty cannot […]

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DOL Ups the Ante on Independent Contractor Misclassification Violations

The Department of Labor (DOL) is launching a program whereby states and the federal government will share information on the misclassification of employees as independent contractors, and the DOL in turn will rat to the Internal Revenue Service (IRS). The goal is to increase penalties for misclassifying employees and thereby restrict or eliminate the practice. […]

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Proposed Regulations Issued on PPACA Disclosure Requirements

The Departments of Health and Human Services (HHS) and Labor (DOL) have joined the Internal Revenue Service (IRS) in proposing regulations to fulfill the requirement of 2010's health care reform for insurers to issue full statements of benefits to all affected. These summaries of benefits were mandated by the Patient Protection and Affordable Care Act […]

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PPACA Requirement for 1099 Reporting Axed

Congress has passed and President Obama has signed legislation to repeal a much-loathed provision of the Patient Protection and Affordable Care Act (PPACA) that would have required the issuance of an IRS form 1099 for every expenditure of $600 or more. The mandate would have kicked in on Jan. 1, 2012, but HR4 amended PPACA […]

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IRS Releases Final Regulations on Hybrid Pension Plans

Four years after Congress passed the Pension Protection Act of 2006, the Internal Revenue Service (IRS) has released final regulations on hybrid pension plans, which combine defined benefits (payout at retirement) with 401(k)-style defined contributions. According to consulting firm Towers Watson, nearly one-quarter of Fortune 100 companies offer hybrid plans, and it is estimated that […]

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