Entries by Clark And Associates

What You Need to Know About Form 1095-C

If, at any time in 2015, you were a full-time employee of a large organization (usually a company that has 50 or more full-time people in their employ), you may receive a new tax form, Form 1095-C, early in 2016. Part-time employees of large organizations who work less than 30 hours per week may also receive this […]

HR Insights: Marijuana in the Workplace

Marijuana, derived from the Cannabis sativa plant, is classified as a Schedule I substance under the Controlled Substances Act, indicating it has a high potential for dependency and no accepted medical use. Although isolated components of the raw marijuana plant have recognized medicinal uses, smoking marijuana has not passed the Food and Drug Administration’s rigorous […]

Employer Reporting of Health Coverage—Code Sections 6055 & 6056

The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) sections 6055 and 6056. Under these new reporting rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees. The additional reporting is intended to promote transparency with respect […]

Paying Premiums for Individual Health Insurance Policies Prohibited

Due to the rising costs of health coverage, some employers have considered helping employees pay for individual health insurance policies instead of offering an employer-sponsored group health plan. In response, on Sept. 13, 2013, the Internal Revenue Service (IRS) issued Notice 2013-54 to address how the market reforms under the Affordable Care Act (ACA) apply […]

Affordable Care Act (ACA) Violations: Penalties and Excise Taxes

The Affordable Care Act (ACA) includes numerous reforms for group health plans and creates new compliance obligations for employers and health plan sponsors. The ACA, for example, requires health plans to eliminate pre-existing condition exclusions and provide coverage for preventive care services without cost-sharing. Some of the reforms for health plans apply to all health […]

Paying PCORI Fees: Corrections and Amendments

The Affordable Care Act (ACA) imposes fees to fund comparative effectiveness research on health insurance issuers and self-funded plan sponsors. These fees are widely known as Patient-Centered Outcomes Research Institute fees (PCORI fees), although they may also be called PCOR fees or comparative effectiveness research (CER) fees. On Dec. 5, 2012, the Internal Revenue Service […]