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Archive by tag: ACAReturn
3 Big Reasons to Distribute Form 1095-B/C Weeks Before the March 2nd Deadline Extension
As an Applicable Large Employer, the IRS requires you to distribute Form 1095-B/C to your Full Time employees by the recently extended deadline of March 2nd, 2018. Prior to the extension, the original deadline set by the IRS for Form distribution was January 31st, 2018. The BenefitScape team recommends delivering the Forms to employees as close to the original deadline for the following reasons:
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| Categories: Penalties, Tax Year 2017 | Tags: 1095 , TY2017 , Extension , ACA Compliance and Reporting | View Count: (52)
IRS Extends Deadline for ACA Form 1095 Distribution To Employees to March 2, 2018.
IR-2017-209, Dec. 22, 2017 EXTENSION OF DUE DATE FOR FURNISHING STATEMENTS WASHINGTON ― The IRS announced today that it has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals. Specifically, this notice extends the due date for furnishing to individuals the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017. This notice also...
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| Categories: | Tags: aca , form 1095 , extension | View Count: (121)

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: (170)

Heads up! ACA Penalties are coming!

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Heads up! ACA Penalties are coming!
The IRS has recently released guidance on the Employer Shared Responsibility Payment, which details how ACA Penalties will be communicated to employers, how employers may respond, and how to pay the penalties. BenefitScape has reviewed these IRS updates and guidance for your review.
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| Categories: Penalties | Tags: TY2015 , TY2016 , ACA Penalties , Employer Shared Responsibility Payment | View Count: (149)
Tax Year 2017 ACA Compliance and Reporting: Strict Compliance Replaces Good Faith
Is it time to stop swimming with the school and engage the services of an ACA Specialist? Given all the confusion surrounding ACA legislation many employers may not have taken the steps to ensure that the vendors they are using are in strict compliance. At BenefitScape, we have always held our filings to this standard.
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| Categories: Tax Year 2017 | Tags: ACA Compliance , 1095 , PPACA , IRSAIR | View Count: (286)
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