New from Equifax – ACA Fine Management Services

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…]

Avoid These 4 Mistakes if You Receive IRS Letter 226J

If your organization received IRS Letter 226J, it likely means the IRS has determined that your organization did not comply with the Affordable Care Act’s (ACA) employer mandate for the 2015 tax year. Given the complexity of the law coupled with the finite amount of time for employers to respond, managing a response to IRS [Read More…]

IRS Letter 226J – The Letter No Employer Wants to Receive.

IRS Letter 226J marked the beginning of the Internal Revenue Service (IRS) enforcement of the Affordable Care Act’s (ACA) employer mandate. It’s the letter no employer wants to receive and many employers are shocked when they do. Unless an employer responds to the IRS by the response date noted on the letter with an explanation [Read More…]

Military Lending Act: Compliance for Pawnbrokers

Compliance with the Military Lending Act (MLA) may not be on the radar of many pawnbrokers, but it should be and here’s why. If you’re a pawnbroker, and you’re providing loans without first determining if the consumer is an active-duty military service member—or the dependent of one—your business could be at risk of non-compliance with [Read More…]

ACA Employer Mandate Remains, Tax Bill Repeals Only Individual Mandate

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…]

New IRS Guidance: Letter 226J, Paying ACA Penalties

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

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

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…]

3 Letters from the IRS Your Organization Can’t Ignore

The failure of the Senate’s “skinny repeal” bill signaled what many employers were waiting to hear definitively: the Affordable Care Act (ACA) is here to stay, at least for now. If your organization had previously been playing “wait and see” regarding your reporting obligations, now is the time to comply with the ACA or face [Read More…]

Three Ways to Boost Your Experience at ASHHRA

Three Ways to Boost Your Experience at ASHHRA Now more than ever, HR professionals in healthcare organizations are faced with more complex compliance regulations and are being held at higher standards of accountability in meeting workforce needs. There is no better place to network, share best practices, speak to industry experts, and learn how to [Read More…]