Employee Benefit News 12/29/2015
The Internal Revenue Service on Monday extended the deadline for 2015 Affordable Care Act information reporting, giving employers subject to the requirements some highly-sought after relief.
In Notice 2016-4, issued by the IRS on Dec. 28, the agency extended the deadlines for both furnishing to individuals reporting forms and filing them with the IRS.
CorpStrat outlines the top issues it believes will affect the workplace in 2016 based on observations and discussions with its partners and customers.
1. Regulations will affect an increasingly diversified workforce: The minimum wage debate and discussions about wage and hour obligations will continue next year. There will be ongoing developments in independent contractor classification, exemption regulations, and other wage and hour rules. Businesses that hire “on-demand” companies with a significant number of independent contractors must assess how they classify their workers to avoid the kind of costly class-action lawsuits that have been popping up. Continue reading
Source: Kaiser Health News – December 15, 2015
The penalty for failing to have health insurance is going up, perhaps even higher than you expected.
Among uninsured individuals who are not exempt from the Affordable Care Act penalty, the average household fine for not having insurance in 2015 will be $661, rising to $969 per household in 2016, according to a Kaiser Family Foundation analysis. Individuals will pay the penalty when they complete their federal taxes the following spring. (Kaiser Health News is an editorially independent program of the Foundation.)
ABC News – By tom murphy, ap business writer
Congress delivered an early holiday present to employers this week when it proposed a two-year delay for a health benefits tax many would have had to pay starting in 2018. But businesses hope Santa will eventually leave something better under the tree.
The delay, which was reached as part of a budget deal, means companies that offer employees expensive health insurance will not have to pay the so-called Cadillac tax for those plans until 2020. But employers want the tax, which amounts to a 40 percent levy on the cost of benefits plans above a certain amount, repealed altogether.
Editorial – American Thinker 11/21/2015 Thomas Lifson
One critical element in selling the Obamacare legislation to the Democrats, who passed it into law without a single Republican vote, was the lobbying of the health insurance industry. The insurers were made into cronies by the inclusion of the so-called “risk corridor” payments, guaranteeing them profits should premium revenue fail to cover expenses.
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