How Companies Are Managing & Reducing Healthcare Costs Yes, the price of health insurance is still rising. But that’s no surprise. Companies have nervously anticipated that news annually for a long time. The good news—or as good as it gets—is that the rise in employer healthcare costs per employee has plateaued over the last [...]
Tight budgets, retention issues, increasing compliance requirements, and a very tight labor market are among many factors putting additional burdens and pressures on payroll professionals who may already be feeling maxed out. This unnecessarily puts your payroll department into a realm where they are truly “Payroll and Afraid.” You’ve heard the term “living paycheck [...]
Updated September 15, 2020 The IRS is continuing to audit and enforce the ACA by distributing Letter 5699 for the 2016 filing year. Letter 5699 is being distributed to potentially non-compliant Applicable Large Employers (ALE) that have not filed. The IRS describes Letter 5699 as a “non-filing letter issued to employers advising our records [...]
Updated September 15, 2020 If you feel like you are walking a tightrope when dealing with Affordable Care Act (ACA) reporting, then you aren’t alone. Businesses often struggle with data collection and reporting obligations. It’s tricky, there’s no doubting that. Even more so when data isn’t being managed and reviewed on a regular basis. [...]
Running a successful business isn’t all about profits. You also have to manage risk. While you may keep a close eye on the more obvious processes, like manufacturing processes for product recalls, for example, some risks are less apparent. Growth often means hiring new employees and, if you aren’t keeping an eye on your headcount, [...]
Perhaps you are an employer who has received a 226-J letter from the IRS. For those who are unaware, the 226-J letter is a notification of a potential ESRP assessment from the IRS due to possible non-compliance. If you have in fact received this letter; hopefully you have taken the proper steps to timely [...]
As many of you know, the IRS has started sending out Letter 226-J notices. Many employers are now trying to figure out what triggered the IRS to send the notice. Many of them are also trying to figure out if there was anything they could have done differently to avoid receipt of Letter 226-J. Here [...]
Updated September 15, 2020 The 2020 IRS filing year is quickly approaching; and employers will once again need to shift their focus to ACA compliance. Much will remain the same for the upcoming IRS ACA reporting year, but there are a few notable changes. To prepare for 2020 ACA reporting, employers should take time [...]
When you find a copy of IRS Letter 226J in the mail, it can be a frustrating feeling. Letter 226J is a penalty assessment notice that essentially notifies you that you failed to comply with the employer mandate of the Affordable Care Act (ACA). Your first thought might be: “What? No way.” You may [...]
The 2017-2018 healthcare battle has been a confusing time for employers— particularly when it comes to the Affordable Care Act (ACA). Although many people thought Congress would “repeal and replace” the ACA in 2017, it didn’t happen. Instead, employers have been left scrambling to understand what changes have been made to reshape existing ACA law, [...]