Practical HR Tips, News & Advice. Updated Daily.
The Internal Revenue Service (IRS) announced on December 28 that it will extend the Health Coverage Tax Credit (HCTC) through December 31, 2021. The HCTC, which allows a tax credit to offset up to 72.5 percent of the cost of health insurance premiums, applies to workers who lost their jobs due to trade-related reasons or […]
Consolidated Omnibus Budget Reconciliation Act (COBRA) plan administrators seeking to better understand how the Health Coverage Tax Credit (HCTC)—including its advance payment system and how it will impact COBRA coverage and documentation—may find useful a new report issued by Treasury Inspector General for Tax Administration (TIGTA), as well as corresponding Internal Revenue Service (IRS) recommendations. […]
Trade legislation that also extends premium subsidies for health coverage under the Health Care Tax Credit (HCTC) program was signed into law by President Obama Oct. 21. The HCTC was enacted as part of the Trade Act of 2002. As originally enacted, it provided a 65-percent tax credit for qualifying health coverage (including COBRA continuation […]