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Legal Update: EMAC & HIRD

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Legal Update: EMAC & HIRD
Massachusetts' new and increased EMAC Assessments are beginning January 1st, 2018 and ending December 31st, 2019. Fiscal Year 2018's budget-related legislation temporarily increased an existing employer fee known as the Employer Medical Assistance Contribution (EMAC) and also created a new, temporary, 5% assessment on employers to help offset a projected future $600 million shortfall in the MassHealth program.
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| Categories: Tax Year 2017 | Tags: EMAC , HIRD , ACA Compliance , TY2017. | View Count: (1202)
IRS Issues Thousands of Letter 5699 Notices with Millions of Dollars in Potential Penalties
Many employers have received IRS Letter 5699 over the last several weeks. Letter 5699 is being issued to employers whom the IRS has deemed may be an Applicable Large Employer (ALE) for purposes of compliance with the Affordable Care Act (ACA), and the IRS has no record of their 1094 and 1095 forms for a Tax Year since 2015.
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| Categories: IRS AIR eFiling , ACA Compliance TY16 , Penalties, Tax Year 2017, Tax Year 2018, Compliance TY2018, Employer Mandate | Tags: | View Count: (248)
Do you have an ACA Compliance checklist? No? Use Ours!
Since the Affordable Care Act became effective in March of 2010 employers and their advisors have gone through many iterations of studying the legislation, waiting for guidance from the Federal Government on how to comply, listening to prognosticators predict its demise, learning about potential changes to the law, etc. We are now entering our fourth year of compliance with the Employer Shared Responsibility provisions, and all the IRS reporting and filing that comes with it.
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| Categories: Tax Year 2018, Compliance TY2018, Employer Mandate | Tags: | View Count: (150)
Mind the gap: Solution to ACA tax filing during a change in HCM or payroll platform
When migrating to a new system or introducing different benefit plans during a calendar year the data required for compliance will not be readily available for compliance. This is a prime opportunity for a one time use of a Value Added Network (VAN) used on an outsourced basis.
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| Categories: | Tags: | View Count: (144)
US Businesses Face Increased IRS Penalties Next Year
The IRS has released the employer penalties for non-compliance with the ACA for Calendar Year 2018.
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| Categories: IRS AIR eFiling , Penalties | Tags: | View Count: (110)
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