Tag Archives: IRS

IRS Fleshes Out Plans for Applying ‘Cadillac Tax,’ Seeks Input

New IRS guidance spells out more issues the agency plans to address in imposing the excise tax on high-cost employer-sponsored health coverage (commonly known as the Cadillac tax). These include: (1) identifying taxpayers who may be liable for the excise…

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IRS Freezes New DB Lump-sum Distributions for Retirees, Beneficiaries

IRS on July 9 announced that it intends to amend regulations to prohibit defined benefit retirement plans from replacing retiree benefits being paid through joint and survivor, single-life or other annuity benefits with lump-sum distributions or other accelerated payments. The…

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It’s Back! New Law Revives the Health Coverage Tax Credit

Presumably put to final rest due to the Affordable Care Act, a program has been revived that establishes a health coverage tax credit for certain individuals — including COBRA qualified beneficiaries — who lose their jobs because of trade-related reasons….

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IRS Further Explains Large-employer ACA Reporting

Large employers learned more details in new IRS guidance about how to both report about their coverage and fill out and file IRS forms designed to determine whether they are meeting the Affordable Care Act’s coverage requirements for employers. Under the…

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Fidelity to IRS: Change or Pull Hardship / Loan Guidance

Fidelity Investments told retirement plan sponsors and investment professionals in a late April notice that it had asked IRS to change or withdraw recently updated guidance on maintaining documentation for participant hardship withdrawal and plan loan requests. In a message…

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Changes to IRS’ EPCRS Focus on Auto-features

The second round of revisions to IRS’ Employee Plans Compliance Resolution System in a week focused on failures in automatic enrollment and escalation in defined contribution retirement plans. The procedural changes from the agency also addressed DC plans’ automatic employee…

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IRS Adjusts Voluntary Correction Program, Including Fees

IRS on March 27 released a series of changes to its Employee Plans Compliance Resolution System that it said would improve the correction programs. Among the modifications to Revenue Procedure 2013-12  announced are new options for correction methods to recoup…

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IRS Rules Further Define Payment of ACA Insurer Fees

New IRS regulations define the way health insurers will pay fees under Section 9010 of the Affordable Care Act. In the rules, the IRS applies Notice 2014-47 and provides further guidance on how covered entities will pay the fees for 2015 and subsequent…

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Cafeteria Plans Can Help Employers Avoid Pay-or-Play Penalties

Employer contributions to a Section 125 cafeteria plan can be deducted from the employee’s cost of a health plan for purposes of determining the affordability of coverage, final IRS rules on minimum essential coverage published on Nov. 26 (79 Fed….

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Decisions Must be Made on How Employers Will Manage Section 6055/56 Reporting

Employers deciding how to comply with the Affordable Care Act’s reporting requirements have important housekeeping questions to decide, such as: (1) who will take phone calls from the IRS and employees about ACA forms; (2) whether electronic filing (for the…

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