The IRS has released notice 2023-29, which outlines the affordability percentage for 2024. Unfortunately, it's another big dip, and employers need to be aware of the implications. In 2022, we saw it at 9.61%, and in 2023, it dropped to 9.12%. Now, affordability for plan years commencing in 2024 will be based on 8.39% of their [...]
Some employers may cut off no-cost preventive care due to a Texas Judge ruling. A recent survey from the National Allicance of Healthcare Purchaser Coalition polled 30 large employers and found that 72% of the respondents expect to continue providing coverage for all preventive services in full as is required in the ACA. Survey [...]
In final regulations released on December 12, 2022, the IRS permanently and automatically extends the deadline for 30 days from January 31, 2023 to March 2nd each year for employers and insurers to furnish individual statements on health coverage and full-time employee status (Forms 1095-B and 1095-C). For 2022 Forms the deadline if March [...]
Employers Here it comes again: ACA Penalties Increasing in 2023 The IRS recently announced that the ACA penalty assessments issued for non-compliance with the Employer Mandate are increasing for the 2023 tax year. Below we highlight the new penalty amounts as well as explain how the IRS identifies non-compliance and issues penalties [...]