As IRS filing deadlines approach in the New Year, BENEFITSCAPE takes a look at the hefty penalties for employers missing TY23 ACA deadlines. And we also issue three warnings about some misleading ACA information online. WARNING 1: Some online AI-generated guides to ACA reporting & compliance confuse IRS penalties for late or incorrectly furnished filings [IR …
The Patient Protection & Affordable Care Act is in robust political health in the run-up to the 2024 Presidential elections. Not one GOP candidate attacked the act during the recent TV debates [MSNBC: GOP Candidates Abandon ACA Repeal Push]; and all have removed any criticism from their websites. In opinion polls, some 60% of Americans …
ACA IN ROBUST POLITICAL HEALTH HEADING INTO 2024 Read More »
A. THE SIMPLE BIT: IRS FORMS & DEADLINES For all Applicable Large Employers [ALEs = average employees > 50] 03.01.2024 is the deadline for completed FORMS 1095-B & 1095-C to be sent to eligible employees. ALEs sponsoring FULLY INSURED plans are not required to complete PART III of FORM 1095-C. ALEs sponsoring SELF-INSURED plans must …
In late August the IRS announced changes to the 2024 health plan affordability threshold. [See IRS Rev. Proc. 2023-29.] This is the measure used to determine if an employer’s lowest-premium health plan meets ACA affordability requirements. The 2024 threshold will be 8.39% of an employee’s household income. That is significantly down from this year’s 9.12% …
What does IRS affordability change mean for TY24 ACA compliance? Read More »
According to Fintech Global, Generative AI heralds “huge disruption around technological and operational systems regardless of the industry, [and] the ongoing soaring rise of Gen AI is proving a hot-rod for innovation.” For regtech, AI will undoubtedly have a growing role to play. But smart tech analyzing content and data for compliance and accuracy …
Maria Scott, writing in Forbes magazine, has predicted a year of growing RegTech adoption – as tax authorities get tough. BenefitScape has been a leader in the application of RegTech to benefits compliance since well before the phrase was first coined in 2015. Scott also predicts a shift from internal builds to working with specialist …
2023: Forbes Predicts Growth in RegTech Solutions Read More »
