26 Jan

2017 ACA Reporting Requirements and Deadlines

A quick reminder that as a part of the Affordable Care Act (ACA), some employers are required to complete and send forms 1094/1095 to employees and the IRS at the end of each tax year.

Who has to report?

  • All Employers with 50+ Employees
  • ALL Self-Insured Employers (including carrier level-funded)

When are the 2017 forms due?

  • 1095 Forms to Employees: March 2, 2018
  • 1094 Forms to IRS: February 28, 2018

What can Truss do to help you?

Truss has partnered with DIY1095, a complete Do-It-Yourself form generation engine that delivers a simple, easy-to-use mechanism all to help you produce 1094/1095 forms.

What is the cost? $250 for employers with under 100 employees and $500 for employers with 100 or more employees.

If you have any questions about the ACA reporting or the DIY1095 product, please contact your Truss client advisor.

18 Jul

Healthcare Update – The Latest on ACA

Mark Avery
Chief Strategy Officer

The Senate will not pass their health bill.  Four Republican Senators, including Jerry Moran of Kansas, have stated they will not support it. Without at least two of them, it cannot pass.

The obstacle in passing a bill to alter or replace Obamacare for Republican Senators has proven to be that too great; a gap exists between conservative and moderate members gain consensus. Deep divides exist over support for Medicaid, how to stabilize the individual insurance market and the effects of allowing states to opt in or out of portions of the ACA.

What’s next? Immediately there will be a great deal of posturing regarding who’s to blame, what this means for the viability of Obamacare, and  likely, a Republican push toward a straight repeal with “replace” to be determined later.

Such an approach could prove risky. Repeal might be the feel good, rebound reflex for Republicans at the moment, but it’s hard to imagine their moderate members willing to embrace that much uncertainty.

For more information on the latest on ACA:

https://www.washingtonpost.com/?hpid=hp_no-name_no-name%3Ahomepage%2Fmasthead

02 Jul

HEALTH CARE UPDATE: OUTCOME OF SENATE BILL STILL UNKNOWN

Mark Avery, Chief Strategy Officer

As expected this week the Congressional Budget Office (CBO) released its estimate of the Senate health care bill, known as the Better Care Reconciliation Act. The report projects 22 million people would lose health coverage in the next 10 years under the Senate’s plan (15 million of which would lose Medicaid coverage). However, it also projected federal deficit reduction of $321 billion over that same period. Majority Leader Mitch McConnell announced a vote on the proposed bill is postponed until after the July 4th break.

The proposed bill is not as much of a departure from the AHCA. In fact, it appears to be very much aligned with the AHCA in eliminating ACA taxes and Medicaid expansion. It also would give more ability to individual states in determining how certain marketplace and ACA rules could be altered or applied. One significant contrast to the House bill is, like Obamacare, it bases subsidies on income versus the AHCA’s plan to base them on age. It appears at least five Republican senators have indicated they will not pass the bill as it stands today. One of those senators who came forth Tuesday after the delay was announced is Senator Jerry Moran of Kansas.

We will continue to update you on changes as they happen. Keep in mind that should the Senate bill pass it will still have to go back to the House for reconciliation before reaching the President’s desk. At Truss, we are here to keep you up to date on the latest health care news. If you have any questions or concerns please reach out to your Client Advisor for assistance.

20 Dec

Truss Presents: Affordable Care Act Year One Review

aca-webinarPlease join us for a lively discussion and review of the Affordable Care Act 2015 as we revisit the processes that were undertaken to comply with ACA. We will share what we learned throughout 2015 – including successes, challenges, vendor reviews and – most importantly- what adjustments may need to be made for 2016 to help the process run more smoothly and how to address any inquiries you receive from the IRS.

Tuesday, October 11, 2016 10:30 – 11:30 a.m. CST / 11:30 a.m. – 12:30 p.m. ET
Guest Speaker: Scott Millson, Principal with MillsonJames and creator of DIY1095
Sign-up today!
https://attendee.gotowebinar.com/register/196993278704022785

15 Dec

ACA Deadline Extended

The IRS has released a notice that they are extending the deadline to send 1095-B/1095-C forms to your employees (applicable individuals) from January 31, 2017 to March 2, 2017. This does not affect the actual filing deadlines, which remain February 28th for paper, and March 31st for e-file. 

Additionally, “good faith effort” is being applied this year, just as it was last year. If an employer is deemed to have made a “good faith effort,” then they will not be subject to fees or penalties. Incomplete or inaccurate forms will not be subject to a penalty, as long as they were filed on time and the filer was acting in good faith. For more information visit: www.irs.gov.

13 Dec

DEPARTMENT OF LABOR FINAL OVERTIME RULE REMINDER

Early this year the U.S. Department of Labor (DOL) announced its final Overtime ruling. As a reminder, the purpose of this new rule is to modernize the regulations that govern the exemption of “white collar” employees – executive, administration and profession (EAP) – from the minimum wage and overtime protection of Fair Labor Standards Act (FLSA). The changes made to the three tests required for the FLSA’s EAP exemption to apply include:

  1. Salary base test
      With the new rule the standard salary level will increase from $455 to $913 per week and the highly compensated employees (HCE) total annual compensation requirements will raise from $100,000 to 134,000.
  2. Salary level test
      The new rule allows employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new standard salary level.
  3. Duties test
      No changes made.

This new rule does take effect on December 1, 2016. Automatic updates will happen to the thresholds ever three years starting on January 1, 2020. While additional legislation or judicial action is being considered which may alter or delay this timeline, we recommend preparing as though this rule will take effect December 1, 2016.