“As business owners you probably know by now that the New Year brought with it a whole new set of IRS reporting requirements and you definitely don’t have enough time left for that law to come on the floor.”ACA has been always been a complex topic for both employers and employees. Where employees seek most of the information from their employer, it is the responsibility of the brokers to cater all employer queries, so that  [...]
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With the extensions of Work Opportunity Tax Credit through December 31, 2019, recipients like youths on their summer breaks, war veterans, food stamp recipients, etc. will now find it much easier to find employment. Under this law, employers are given a specific amount of tax credit to hire such individuals benefitting both the employees and employers, which subsequently help in boosting the nation’s economic growth and overall productivity.
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Organizations, at present, are increasingly expecting a lot more from their brokers, rather than just negotiating prices and insurance policy packages – to act as consultants. Not only this, the latest changes and new regulations with ACA have successfully played their part to increase this trend further. Employers now seek for more consultative services from their brokers that include guidance and advice about ACA compliance, reporting requi [...]
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From reporting requirements to benefits administration software, brokers are required to provide competitive options to their clients to stay ahead in the competition. But, it’s rather easily said than done. With every year, benefits brokers are faced with new changes and challenges. Here are some from a broker’s perspective.
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2016 has come up with various rules and regulations coming into effect and a whole lot of extra complications in legal mandates for employers. The additional day in February isn’t just anywhere behind in increasing the complications for business owners. So, are you sure you are ready?I know it’s not as daunting as preparing for Y2K but yes still you need to be sure that you don’t run into any  [...]
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Recent ups and downs in the ACA regulations and the all-new reporting requirements have triggered an immediate need for organizations to start searching for a benefits administration partner so that they can shed the load off their shoulders freeing themselves from the compliance hassles and concentrate on making their business more successful. Normally, organizations opt for a benefits administration solution to fulfill following requirements, according to [...]
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If we take a look at the various reports conducted worldwide, some important question arises; do employees actually feel financially-healthy today? Do they feel that they are on top of their finances and are extremely positive about their future, or are they feeling clutched up and struggling to make ends meet?Believe it or not, the state of your employees’ financial well-being very much af [...]
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The holiday season brings a delightful news for the employers!The Internal Revenue Service and U.S. Treasury have released a notice regarding extension of Affordable Care Act Information Reporting deadlines in order to enable employers to meet the requirement more effectively. In the
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December 16, 2015, was marked as an important day for Premium Tax Credits, as IRS released its final regulation for Premium Tax Credit Eligibility provisions. Many of the provisions were to determine minimum value of eligible employer-sponsored health plans and several other rules, like whether certain wellness incentives will be included to calculate minimum value and affordability or not.
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Among the businesses fulfilling new tax information reporting responsibilities as per the Affordable Care Act (ACA), carriers are likely to be faced with a broad range of new challenges. Internal Revenue Code (IRC) Section 6055 and 6056 have set up new information reporting responsibilities for ACA as carriers’ status is both of an insurer and an employer, their reporting commitments are ‘two-fold’, which significantly leads to certain ch [...]
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