News

by Keith Kitani JUL 24, 2015 Commentary: It’s no secret that health care costs are rising. Higher priced plans impact everyone, both employer and employee, and breaking the news to your team is never easy.  How do you help your employees make the best choices for their particular situations and their pocketbooks while also managing […]

The IRS has provided both new and updated Q&A guidance on the reporting requirements for applicable large employers under the federal tax code. As background, beginning in 2016,  applicable large employers must file Forms 1094 and 1095 to provide information to the IRS and plan participants about health coverage provided in the prior year. The […]

In 2018 a 40% excise tax will be imposed on plan costs that exceed pre-determined dollar limits laid out by the Affordable Care Act. Employers and their benefit advisers have already begun to take steps to avoid or mitigate so-called “Cadillac” tax exposure. Here are eight strategies Wells Fargo Insurance Services suggests to ensure employers […]

The new reporting forms required under the Affordable Care Act’s employer mandate rules are not due until January 31, 2016, however, employers should be actively collecting the necessary data to fulfill this requirement. Recently, the IRS issued draft forms for use in 2015, which are substantially similar to previously issued forms. Under the Code, applicable […]

Here’s a brief compliance checklist that employers need to act. Though it’s by no means everything, it’s a start. • Businesses with 50 or more employees cannot fall into the trap of thinking that on Dec. 31, 2015, they can just reduce their employee roster to 49 FTE (full time equivalent). The IRS will be watching. • Review […]

The Affordable Care Act (ACA) added new employer reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056. These new requirements apply to employers that sponsor self-insured plans that provide minimum essential coverage (which includes employer sponsored coverage, COBRA coverage and retiree coverage) regardless of size, and applicable larger employers (ALEs). An ALE is […]

The divorce metaphor bears fruit yet again when it comes to the employment relationship. To this mix I add the concept of “no fault” divorce and the reasons employment ends. A “no fault” divorce permits a spouse to end a marriage for any reason or no reason at all — its label accurately advertises its […]

Affordable Care Act reporting requirements for applicable large employers begin in 2016, but many employers remain confused about requirements for certain employers with special circumstances. Prompted by industry questions and concerns, the IRS has issued updated guidance to clarify some these circumstances and the requirements employers will be expected to comply with. Beginning next year, applicable large […]

Americans just aren’t into IRAs. Less than a fifth use the traditional variety, and less than a third use one of any kind. So says a new LIMRA Secure Retirement Institute study, which comes on the heels of a TIAA-CREF study that found that just 8 percent of Americans put savings in an IRA at the […]

The Department of Labor issued fresh guidance on how businesses should distinguish between employees and independent contractors, noting misclassification of employees has been on the rise throughout the U.S. On Wednesday, the DOL’s Wage and Hour Division released the new guidance recommending employers incorporate “economic realities” when determining how to classify a worker, including the […]