The IRS announced the affordability percentages for 2019. These percentages apply for three purposes:
- Employer Shared Responsibility
- Individual Mandate Exemption
- Premium Tax Credit Availability (to an individual)
Employers are most interested in the first one listed above. Under the Employer Shared Responsibility provisions, large employers who do not offer affordable, minimum value coverage face potential penalties if full-time employees qualify for subsidies to buy health insurance in the Marketplace. Employer-sponsored coverage is considered “affordable” if the portion that the employee is required to pay for the lowest cost, self-only coverage does not exceed a certain percentage of the employee’s household income […]
EMPLOYER ANNUAL REPORTING: The online 2017 Employer Annual Reporting Form is now available. Employers covered by the Health Care Security Ordinance are required to submit the form by April 30, 2018 or face penalties of up to $500 per quarter.
If you were one of the few people who stuffed or was trying to stuff your 2018 health savings account to the max before the tax overhaul ratcheted back the contribution limit, you can breathe easy. The Internal Revenue Service announced today in a revenue ruling that it will let taxpayers stick with the original $6,900 contribution limit for family coverage and not face excess contribution penalties.
In March, due to the new inflation-adjustment calculations required under the Trump tax overhaul, the IRS announced that the $6,900 limit would be reduced to $6,850. (The […]