Recently, the IRS added a new page to their website – Understanding Your Letter 227 – offering new samples of Letters 227. These five samples (Letters 227-J through -N) show the various responses that the IRS is using to acknowledge ESRP inquiries and provide employers with next steps regarding proposed ESRP amounts noted on the [Read More…]
New from Equifax – ACA Fine Management Services
March 21, 2018 by
To further help employers’ Affordable Care Act (ACA) compliance and management initiatives, Equifax has launched ACA Fine Management Services for Letter 226J support. As the IRS continues to send Letter 226J – Employer Shared Responsibility Payment (ESRP) proposals to potentially non-compliant employers – it’s important for HR and compliance professionals to proactively create a response plan to [Read More…]
ACA Employer Mandate Remains, Tax Bill Repeals Only Individual Mandate
December 21, 2017 by
On December 20, 2017, the House of Representatives held a final vote approving the Tax Cuts and Jobs Act, a tax bill that includes the repeal of the individual shared responsibility provision of the Affordable Care Act (ACA), commonly referred to as the individual mandate. The individual mandate required all United States taxpayers who did [Read More…]
ACA Penalty Notices Hit Mailboxes, Sample Letter 226J Available
November 21, 2017 by
Thanks to a partnership with a third-party legal consultant, Equifax has learned that employers are indeed receiving Letter 226J from the IRS for Affordable Care Act (ACA) non-compliance in tax year 2015. The Equifax ACA team explained in a recent blog post that such penalty letters were forthcoming, and now it’s confirmed they’re here. To [Read More…]
New IRS Guidance: Letter 226J, Paying ACA Penalties
November 7, 2017 by
Update, 11/21/17 – Letter 226J is Arriving to Employers The Equifax ACA team has learned that employers have begun receiving Letter 226J for non-compliance during tax year 2015. Additionally, a recent communication from the American Staffing Association (ASA) confirmed, “ASA has been informed that some staffing firms have begun receiving employer tax assessments from the U.S. [Read More…]
IRS Releases ACA Forms, Instructions, and Guidance for 2017
November 1, 2017 by
In October, the Internal Revenue Service (IRS) published updated versions of Affordable Care Act Forms 1094-C and 1095-C, as well as the instructions for how to complete the forms for tax year 2017. Forms 1094-C and 1095-C are used by Applicable Large Employers (ALEs) to report on employer-provided health insurance offers and coverage. The updated [Read More…]
Understanding Trump’s October 2017 Executive Actions
October 24, 2017 by
There have been two recent actions by President Trump regarding the Affordable Care Act (ACA) that may cause employers some confusion. The Equifax ACA team has compiled an overview to help employers better understand what these actions mean for their organization. 1.) The Executive Order from 10/12/2017- Presidential Executive Order Promoting Healthcare Choice and Competition Across [Read More…]
Repeal of Affordable Care Act Derailed by Senator McCain
July 31, 2017 by
Background After several months on a legislative roller coaster ride, the effort by congressional Republicans to repeal and replace the Affordable Care Act (ACA), President Obama’s signature piece of healthcare legislation, has abruptly come to a halt. Early on Friday, July 28, 2017 – following a dramatic return to the Senate after receiving a diagnosis [Read More…]
Senate Republicans Reveal the Better Care Reconciliation Act
June 27, 2017 by
Background In recent weeks, Senate Republican leaders held a series of private meetings to draft a bill they hope will repeal and replace the Affordable Care Act (ACA) through the budget reconciliation process, which allows Congress to repeal and replace key components of the ACA legislation with a simple majority vote (and with no opportunity [Read More…]
ACA Legislative Update: June 2017
June 7, 2017 by
It has been just over a month since the House of Representatives passed the American Health Care Act (AHCA) bill on May 4th. If you’ve been wondering, “What’s been going on lately? What’s next?” you’re certainly not alone. What’s happened since the May 4th AHCA bill passage? The Congressional Budget Office (CBO) released its report [Read More…]
