The AI revolution is fueling far-reaching business transformation. This short series of ‘AI & REGTECH’ posts has been created by the data scientists and benefits specialists at BENEFITSCAPE to help employers understand better the emerging benefits of AI for ben admin and compliance. In Part 2 BENEFITSCAPE digs deeper into the different types of AI […]
AI & Regtech: A Framework for Employers [Part 2] Read More »
We all agree. AI is changing many, many business practices forever. The AI revolution, like the first .com wave, is fueling far-reaching business transformation — but also a fair amount of misguided and misleading hype. In itself, this hype is pretty harmless; no more than window dressing by marketing departments. But it can also lead employers
AI & Regtech: A Framework for Employers [Part 1] Read More »
By BENEFITSCAPE CHAIRMAN Ken Phillips INTRODUCTION Alongside Human Capital Management [HCM] systems, employers typically use specialized ben admin software and services to manage health & welfare benefits. These best-in-class employee ben admin solutions have robust specialized functionality and deep integration with both the benefits supply chain and compliance reporting. HCMs have found it hard to
HCMs Deliver Best-in-Class Ben Admin Read More »
WHAT IS PCORI? PCORI stands for Patient-Centered Outcomes Rsearch Institute. The acronym is used as a short-hand name for the fee imposed by the Affordable Care Act on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans. The revenue generated by this fee helps fund the afore-mentioned Patient-Centered Outcomes Research
PCORI Guide & 30-Second Checklist Read More »
By BENEFITSCAPE CHAIRMAN Ken Phillips ________________________________________________________________ The IRS has invited feedback on the ACA reporting and compliance process — more specifically, on the efficiency and utility of FORMS 1094-C and 1095-C. BENEFITSCAPE’s response is a very practical one. Our focus has always been on developing specialist ACA technology — in conjunction with best-in-class managed services
A Response To IRS Call for ACA Feedback Read More »
You met the IRS reporting deadline. But now it’s time to correct any filing errors. All Applicable Large Employers [ALEs] get one of 6 IRS responses to their Form 1094-C and Form 1095-C ACA submissions. These responses, sent via the IRS AIR e-filing system, do not signal a company’s final ACA compliance status. They are
ACA Filing Errors: What To Do Next Read More »
Now that the April IRS deadline for ACA reporting has come and gone, here three timely tips for employers. 1. NOW’S THE TIME TO SET UP FOR TY24. BENEFITSCAPE recommends all employers process their ACA compliance data month by month — and don’t just wait till year-end. Today is an ideal time to talk to BENEFITSCAPE
Late Filings & Other Timely ACA Tips Read More »
Without much fanfare, a radical data science revolution is taking place inside the Internal Revenue Service [IRS]. And all corporate employers should take note — and take steps not to get caught out by it. From 2010 to 2021, the IRS experienced budget cuts in real terms of 22%, leaving it with outdated technology and a
Regtech Transforming IRS Powers Read More »
The IRS ACA reporting DEADLINES for TY23 [filing in 2024] are as follows: MARCH 1, 2024: Deadline to furnish IRS FORMs 1095-C to individual eligible employees. [This date takes in account that 2024 is a leap year.] APRIL 1, 2024: Deadline to e-file FORMs 1095-C & 1094-C plus all other required ACA documentation to the
ACA Deadlines Almost Here Read More »
There are two series of IRS CODES for ACA reporting & compliance. These codes relate to LINES 14 & 16 of IRS FORM 1095-C, the individual employee form that as health plan sponsors APPLICABLE LARGE EMPLOYERS [ALEs] must complete and distribute to all eligible employees. See here for the difference between FORMS 1095-B & 1095-C. Series 1 Codes:
ACA Reporting: IRS Codes Explained Read More »
When passed, the Affordable Care Act [ACA] required individuals to purchase & maintain qualifying health insurance coverage – or face a federal penalty. By reducing these penalties to zero in 2019, the federal Tax Cuts & Jobs Act [TCJA] effectively repealed the ACA individual mandate [as distinct from the ACA employer mandate]. Eleven US states
ACA State Mandates: A Guide & Checklist Read More »
As we enter the final straight for TY23 filings, the IRS continues to process a backlog of 226J penalty letters for ACA non-compliance in previous tax years. WHAT IS AN IRS 226J PENALTY LETTER? The IRS issues 226J notices when Applicable Large Employers [ALEs] fail to comply with the Employer’s Shared Responsibility Provision [Employer Mandate]
Survival Kit: 226J Penalty Letters Read More »
The regtech market was valued at $9.8 billion in 2022; the forecast is for $47.7 billion by 2032, at a CAGR of 17.3%. [DataHorizzon Research, November 17, 2023] REGTECH DEFINITION: Regtech uses advanced, often intelligent technologies, such as machine learning, to transform diverse specialist regulatory activities and risk management. Technology’s purpose has always been, of course,
So What Is Regtech and Why? Read More »
All Applicable Large Employers [ALEs] are subject to the ACA’s employer shared responsibility [ESR] provisions. They must report on ACA compliance to the IRS. Below is an explanation of how to calculate ALE status. If in any doubt, please contact BENEFITSCAPE, the leading specialist in ACA compliance. It provides an ALE calculation service and can answer any other
ACA TY23: “Is My Company An ALE?” Read More »
If you read only one online ACA guide this year, make sure it’s this one! There are lots of ‘essential’ ACA guides out there. Many are confusing. Some contain errors. As if ACA governance, risk management & compliance weren’t complicated enough. Getting things wrong can prove very costly. So we’ve done our best to stick here to
ACA TY23: IRS Changes, Tips & Common Errors Read More »
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
ACA TY23: A Timely Look at ACA Deadline Penalties Read More »
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
An ABC of ACA Compliance TY23 Read More »
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 must
Gen AI: Benefits or Pitfalls for Regtech? Read More »
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 »