Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2019 calendar year is due in early 2020. Specifically, reporting entities must:
• File returns with the IRS by Feb. 28, 2020 (or March 31, 2020, if filing electronically)
• Furnish statements to individuals by March 2, 2020.
On Dec. 20, 2019, President Trump signed into law a spending bill that prevents a government shutdown, extends PCORI fees to fiscal years 2020 – 2029 and repeals the following three taxes and fees under the Affordable Care Act (ACA):
• The Cadillac tax on high-cost group health coverage, beginning in 2020
• The medical devices excise tax, beginning in 2020
• The health insurance providers fee, beginning in 2021.
On Dec. 5, 2019, the Internal Revenue Service (IRS) released an updated version of its W-4 form. Employers use the form to determine each employee’s federal tax withholdings. Along with this update, the IRS has also published a set of answers to frequently asked questions about the 2020 form.
On Dec. 12, 2019, the U.S. Department of Labor (DOL), announced a new final rule that clarifies how to calculate an employee’s regular wage rate under the Fair Labor Standards Act (FLSA). The final rule becomes effective on Jan. 15, 2020. Calculating the regular rate is an essential first step when determining an employee’s overtime compensation. Under the FLSA, an employee’s regular rate includes all forms of compensation paid to that employee in a workweek. The final rule clarifies what qualifies as compensation.
On Dec. 31. 2019, the Internal Revenue Service (IRS) issued the 2020 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The Equal Employment Opportunity Commission (EEOC) has indicated that it plans to issue new proposed rules on permissible wellness incentives under the Americans with Disabilities Act (ADA) in 2020.
4th Quarter 2019 Employee Benefits Compliance Summary includes:
• IRS Offers Another Extension for 1094s and 1095s
• 2019 ACA Forms & Instructions
Change in Benefits?
• A New SBC Template Will be Required for 2021
• Are You an ALE for 2020?
• DOL Issues Model Health Care Transparency Disclosure Documents
• 2019 Year-End Round Up: ACA Changes – The Good, the Bad and the Ugly
Topics Include:
• Don’t Fall Into This New Year’s Resolution Trap
• It’s National Blood Donor Month
• Superfood May Help Prevent Diabetes
• Recipe: Mexican Chicken Soup