News
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 From 2010 to 2021, the IRS experienced budget cuts in real terms of 22%, leaving it with outdated technology and a […]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 Revolution 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 »
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 »
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 »
If a new ruling against the Affordable Care Act (ACA) is upheld, employers will have the choice to increase costs for some preventive services. The case, Braidwood v. Becerra, was overseen by U.S. District Court Judge Reed O’Connor and calls for the government to immediately stop enforcing Affordable Care Act (ACA) rules that require health plans
With new federal ruling, will employers eliminate coverage for preventive services? Read More »
March marks both Women’s History Month and the anniversary of the signing of the Affordable Care Act (ACA). As a proud women-owned company and the leading specialist in ACA reporting and compliance, BenefitScape is delighted to celebrate both. Since its enactment on March 23, 2010, the ACA has advanced health equity in the United States,
Women’s History Month: A Time to Celebrate Women’s Health & ACA 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 »
Late in February, the Department of the Treasury and the Internal Revenue Service issued final regulations amending the rules for filing returns and other documents electronically (e-file): IRS and Treasury issue final regulations on e-file for businesses | Internal Revenue Service . These regulations require e-filings beginning in 2024 (for Tax Year 2023). From an
TY2023: IRS Reducing Paper Forms and Expanding 1094/1095 e-Filing Requirements Read More »
Applicable Large Employers (ALEs) must file and furnish their ACA information to the IRS as required by the ACA’s Employer Shared Responsibility. As you prepare your ACA filings for the Tax Year reporting season, be sure to mark your calendar with these key ACA reporting dates to minimize the risk of receiving IRS penalties. And,
Key ACA Reporting Dates for 2023 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 »
ACA filing for the 2022 tax year is fast approaching. Any employers with employees located in Rhode Island should note that the Rhode Island Division of Taxation recently changed the filing deadlines related to state individual mandate reporting requirements. As a reminder, since 2020, the Rhode Island individual mandate (“RI Mandate”) has required Rhode
Rhode Island Permanently Extends ACA Deadlines Read More »
BENEFITSCAPE is a certified Ceridian Dayforce Partner. This status reflects the value BenefitScape brings to ACA reporting and compliance for thousands of employers across all HCM platforms. And for Ceridian Dayforce users, it means BenefitScape can provide additional services too. “We understand the Ceridian system, we know healthcare, and we make it work.” Kim Phillips
BENEFITSCAPE Offers Additional Services to Ceridian Users Read More »
BenefitScape is proud to be an active and certified member of the Women’s Business Enterprise National Council (WBENC). Read here about the 25 year anniversary program of events. More info >
WBENC celebrates 25 years Read More »
Earlier this spring, the IRS issued a proposed rule that would change the eligibility standards for an Affordable Care Act (ACA) premium tax credit (PTC) based on the affordability of health plan coverage for family members of employees who are offered coverage by their employers. The proposed rule is designed to provide greater access to
IRS Hearing on the “Family Glitch” SCHEDULED for June 27, 2022 Read More »
Natick, MA, May 17, 2022 —BenefitScape, a women-owned leader in Affordable Care Act (ACA) compliance, today announced it has been recertified as a Women-Owned Enterprise (WBE) by the Women’s Business Enterprise National Council (WBENC). The certification is awarded to companies that are more than 51 percent owned, controlled, operated, and managed by a woman or
The IRS has issued REG-109128-21, which: — Extends the due date to March 2, 2022, for the TY2021 IRS Form 1095-B/C to be sent to employees (was previously January 31, 2022). — Confirms that the due date for filing the 1095 Forms with the IRS remains the same: ○ February 28, 2022 (if filing paper
More employers are considering imposing a premium surcharge on employees participating in the company's health plan who are not vaccinated for COVID-19. Whether set as rewards or penalties, wellness program incentives have become popular for encouraging behaviors believed to be healthy and reducing health plan costs. For many years, tobacco users have faced health plan
Health Plan Surcharges Affect ACA Affordability and IRS Code Determination Read More »
The IRS has proposed regulations requiring a digital only electronic filing requirement for ACA Compliance, in effect replacing paper filing options for most Applicable Large Employers (ALE’s). Previously ALE’s with fewer that 250 forms could file with paper. The new regulations (if adopted) require employers to aggregate all forms they file to the IRS, (W2, 1099
IRS moves to eliminate Paper filing for ACA Form 1095 effective March 31, 2022 Read More »
Problem Statement: In addition to IRS filing to IRSAIR, organizations also must file with CA,NJ, RI and DC, if they have employees in these states. Each state has different requirements for file processing, obtaining credentials, error correction etc. Understanding and implementing these requirements can be time consuming and error prone. The Solution: ORACLE has a
More good news for employees to obtain affordable Health Insurance The Internal Revenue Service (IRS) provided two additional codes from Code Series 1 to be used on Form 1095 for ICHRA Reporting on line 14. This is used for reporting offers of individual coverage HRAs (ICHRAs) under Section 6056. These codes were previously reserved (unused) on
IRS Provides Additional Codes for ICHRAs Under Section 6056 Read More »
BenefitScape is a Ceridian implementation partner for Dayforce with certified consultants specializing in Employee Benefits. We participated in the Partner Zone, which showcases our Ceridian related services, highlighted in this video.
Ceridian Insights The BenefitScape Role Read More »
